In their meeting, the board of directors approved a split of the bank's equity shares following which each share with a face value of Rs 10 will be exchanged into five equity shares with a face value of Rs 2 each. "The split is primarily to make the stock more liquid and increase retail participation in the stock," said Somnath Sengupta, ED, Axis Bank.
The bank's advances grew 17% year-on-year to Rs 2,30,097 crore on the back of strong retail growth. Domestic retail advances grew by 31% to Rs 70,745 crore and accounted for 36% of net domestic advances compared to 32% last year. Agriculture advances recorded a healthy growth of 20% and stood at Rs 17,836 crore, while SME advances grew by 19% and stood at Rs 35,502 crore.
Sengupta said that the bank was changing focus from corporate to retail given the economic environment and as a result corporate loans grew by only 4%. Despite an adverse economic environment, the bank managed to contain its net non-performing assets at 0.4%. The bank's total capital adequacy ratio stood at 16.07% of which tier I capital was 12.62%.
Sengupta said that he did not expect any significant change in the economic environment during the current financial year and the level of bad loans would be the same as FY13.
The bank's net interest income (NII) rose by 19% to Rs 3,166 crore from Rs 2,665 crore in the same period of the previous fiscal, Axis Bank said in a statement. The bank's Net Interest Margin widened to 3.89% at the end of March as compared to 3.70% in the same period of 2012-13.
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