Axis Bank

Axis Bank's npls (as % of loans) fell 19.5% to 5.88% in 2018

By Helgi Analytics - November 3, 2019

Axis Bank's non-performing loans reached 5.88% of total loans at the end of 2018, down from 7.30% compared to the previous year. ...

Axis Bank's share price (end of period) rose 44.8% to INR 773 in 2018

By Helgi Analytics - November 3, 2019

Axis Bank stock traded at INR 773 per share at the end of 2018 implying a market capitalization of USD 28,639 mil. Since the end of 201...

Axis Bank's net interest income rose 16.6% to INR 222 bil in 2018

By Helgi Analytics - November 3, 2019

Axis Bank generated total banking revenues of INR 364 bil in 2018, up 17.8% compared to the previous year. Historically, ...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 184 190 222
Net Fee Income INR bil 78.9 88.0 99.6
Other Income INR bil 45.4 30.8 42.6
Total Revenues INR bil 308 309 364
Operating Profit INR bil 175 171 187
Provisions INR bil 115 165 111
Net Profit INR bil 39.5 4.56 50.4
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 201 84.3 329
Customer Loans INR bil 3,811 4,498 5,067
Debt Securities INR bil 1,290 1,530 1,741
Total Assets INR bil 6,115 7,037 8,140
Shareholders' Equity INR bil 564 643 679
Interbank Borrowing INR bil 200 234 37.9
Customer Deposits INR bil 3,990 4,372 5,507
Issued Debt Securities INR bil 1,125 1,558 1,613
Ratios 2016 2017 2018
ROE % 7.18 0.755 7.62
ROA % 0.683 0.069 0.664
Costs (As % Of Assets) % 2.30 2.10 2.33
Costs (As % Of Income) % 43.3 44.7 48.6
Net Interest Margin % 3.18 2.89 2.92
Loans (As % Of Deposits) % 95.5 103 92.0
NPLs (As % Of Loans) % 5.38 7.30 5.88
Provisions (As % Of NPLs) % 69.5 57.7 50.0
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 17,298 20,564 28,639
Share Price (End Of Period) INR 490 534 773
Price/Earnings (P/E) 29.7 287 39.7
Price/Book Value (P/BV) 2.08 2.04 2.94
Dividend Yield % 1.02 0 0
Earnings Per Share (EPS) INR 16.5 1.86 19.5
Book Value Per Share INR 235 262 263
Dividend Per Share INR 4.99 0 0

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                          
Net Interest Income INR bil             96.9 120 144 171 184    
Total Revenues INR bil             166 199 233 269 308    
Operating Profit INR bil             90.0 111 134 169 175    
Net Profit INR bil             52.3 63.1 74.5 83.5 39.5    
balance sheet                          
Interbank Loans INR bil             57.1 115 167 113 201    
Customer Loans INR bil             1,970 2,324 2,844 3,447 3,811    
Debt Securities INR bil             1,133 1,131 1,333 1,314 1,290    
Total Assets INR bil             3,406 3,864 4,672 5,464 6,115    
Shareholders' Equity INR bil             332 384 450 536 564    
Interbank Borrowing INR bil             216 187 163 157 200    
Customer Deposits INR bil             2,341 2,654 3,099 3,462 3,990    
Issued Debt Securities INR bil             441 527 844 1,138 1,125    
ratios                          
ROE %             18.7 17.6 17.9 16.9 7.18    
ROA %             1.67 1.74 1.75 1.65 0.683    
Costs (As % Of Assets) %             2.43 2.43 2.32 1.98 2.30    
Costs (As % Of Income) %             45.8 44.3 42.6 37.3 43.3    
Net Interest Margin %             3.10 3.31 3.37 3.37 3.18    
Interest Income (As % Of Revenues) %             58.3 60.4 61.8 63.4 59.7    
Fee Income (As % Of Revenues) %             31.7 28.9 28.4 27.5 25.6    
Equity (As % Of Assets) %             9.74 9.94 9.63 9.81 9.23    
Loans (As % Of Deposits) %             84.1 87.6 91.8 99.5 95.5    
Loans (As % Assets) %             57.8 60.1 60.9 63.1 62.3    
NPLs (As % Of Loans) % ...           1.20 1.34 1.43 1.74 5.38    
Provisions (As % Of NPLs) % ...           68.4 66.3 65.5 94.4 69.5    
valuation                          
Market Capitalisation (End Of Period) USD mil             11,109 11,104 21,064 15,957 17,298    
Number Of Shares (Average) mil             2,179 2,351 2,385 2,390 2,399    
Share Price (End Of Period) INR             279 292 557 443 490    
Earnings Per Share (EPS) INR             24.0 26.8 31.2 34.9 16.5    
Book Value Per Share INR             152 163 189 224 235    
Dividend Per Share INR             3.87 4.00 4.57 4.98 4.99    
Price/Earnings (P/E)             11.6 10.9 17.8 12.7 29.7    
Price/Book Value (P/BV)             1.83 1.79 2.95 1.97 2.08    
Dividend Yield %             1.38 1.37 0.821 1.13 1.02    
Earnings Per Share Growth % ...           18.2 11.7 16.3 11.9 -52.8    
Book Value Per Share Growth % ...           39.3 7.32 15.4 18.9 4.94    
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                          
Interest Income INR bil             272 307 357 414 452    
Interest Cost INR bil             175 187 213 243 268    
Net Interest Income INR bil             96.9 120 144 171 184    
Net Fee Income INR bil             52.7 57.5 66.1 74.1 78.9    
Other Income INR bil             16.7 21.3 22.9 24.6 45.4    
Total Revenues INR bil             166 199 233 269 308    
Operating Cost INR bil             76.2 88.3 99.1 100 133    
Operating Profit INR bil             90.0 111 134 169 175    
Provisions INR bil             13.8 15.9 20.8 42.0 115    
Extra and Other Cost INR bil             0.044 0.147 0.037 -0.061 0.039    
Pre-Tax Profit INR bil             76.2 94.8 113 127 59.5    
Tax INR bil             23.9 31.7 38.3 43.3 19.9    
Minorities INR bil             0.002 0.004 0.019 0.079 0.140    
Net Profit INR bil             52.3 63.1 74.5 83.5 39.5    
Dividends INR bil             8.42 9.40 10.9 11.9 12.0    
growth rates                          
Net Interest Income Growth % ...           20.7 24.2 19.6 18.6 7.74    
Net Fee Income Growth % ...           19.2 9.16 15.0 12.1 6.48    
Total Revenue Growth % ...           23.7 19.8 16.9 15.7 14.4    
Operating Cost Growth % ...           23.4 15.9 12.2 1.40 32.7    
Operating Profit Growth % ...           24.0 23.1 20.6 26.3 3.55    
Pre-Tax Profit Growth % ...           21.6 24.3 19.0 12.5 -53.1    
Net Profit Growth % ...           24.1 20.5 18.0 12.1 -52.7    
market share                          
Market Share in Revenues % ... ... ... ... ...   7.04 7.38 7.67 8.00 7.66   ...
Market Share in Net Profit % ... ... ... ... ...   8.84 11.7 13.7 20.3 ... ... ...
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                          
Cash INR bil             148 170 198 224 309    
Interbank Loans INR bil             57.1 115 167 113 201    
Customer Loans INR bil             1,970 2,324 2,844 3,447 3,811    
Debt Securities INR bil             1,133 1,131 1,333 1,314 1,290    
Fixed Assets INR bil             23.9 24.5 25.5 35.7 38.1    
Total Assets INR bil             3,406 3,864 4,672 5,464 6,115    
Shareholders' Equity INR bil             332 384 450 536 564    
Of Which Minority Interest INR bil             0.125 0.129 0.311 0.391 0.613    
Liabilities INR bil             3,074 3,479 4,223 4,928 5,550    
Interbank Borrowing INR bil             216 187 163 157 200    
Customer Deposits INR bil             2,341 2,654 3,099 3,462 3,990    
Sight Deposits INR bil             453 453 520 589 817    
Term Deposits INR bil             1,888 2,201 2,579 2,874 3,172    
Issued Debt Securities INR bil             441 527 844 1,138 1,125    
Other Liabilities INR bil             76.0 111 117 170 236    
asset quality                          
Non-Performing Loans INR bil ...           23.9 31.5 41.1 60.9 213    
Gross Loans INR bil             1,986 2,345 2,871 3,504 3,959    
Total Provisions INR bil             16.4 20.9 26.9 57.5 148    
growth rates                          
Customer Loan Growth % ...           16.0 18.0 22.4 21.2 10.6    
Total Asset Growth % ...           19.3 13.4 20.9 16.9 11.9    
Shareholders' Equity Growth % ...           46.2 15.8 17.1 19.2 5.31    
Customer Deposit Growth % ...           12.7 13.4 16.8 11.7 15.2    
market share                          
Market Share in Customer Loans %             3.57 3.62 4.01 4.32 4.62   ...
Market Share in Total Assets %             3.92 3.82 4.19 4.33 4.30   ...
Market Share in Customer Deposits %             3.72 3.69 3.80 3.79 3.75   ...
ratios Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                          
ROE %             18.7 17.6 17.9 16.9 7.18    
ROA %             1.67 1.74 1.75 1.65 0.683    
Costs (As % Of Assets) %             2.43 2.43 2.32 1.98 2.30    
Costs (As % Of Income) %             45.8 44.3 42.6 37.3 43.3    
Net Interest Margin %             3.10 3.31 3.37 3.37 3.18    
Interest Spread % ...           2.55 2.75 2.83 2.85 2.69    
Asset Yield %             8.69 8.46 8.37 8.17 7.80    
Cost Of Liabilities % ...           6.14 5.71 5.54 5.32 5.11    
Payout Ratio %             16.1 14.9 14.6 14.3 30.3    
Interest Income (As % Of Revenues) %             58.3 60.4 61.8 63.4 59.7    
Fee Income (As % Of Revenues) %             31.7 28.9 28.4 27.5 25.6    
Other Income (As % Of Revenues) %             10.0 10.7 9.82 9.12 14.7    
Equity (As % Of Assets) %             9.74 9.94 9.63 9.81 9.23    
Loans (As % Of Deposits) %             84.1 87.6 91.8 99.5 95.5    
Loans (As % Assets) %             57.8 60.1 60.9 63.1 62.3    
NPLs (As % Of Loans) % ...           1.20 1.34 1.43 1.74 5.38    
Provisions (As % Of NPLs) % ...           68.4 66.3 65.5 94.4 69.5    
Provisions (As % Of Loans) %             0.831 0.898 0.946 1.67 3.88    
Cost of Provisions (As % Of Loans) %             0.750 0.740 0.805 1.33 3.18    
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                          
Employees ...           37,901 42,420 42,230 50,135 56,617    
Sight (As % Of Customer Deposits) %             19.3 17.1 16.8 17.0 20.5    

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Axis Bank's net profit rose 1,005% to INR 50.4 bil in 2018

By Helgi Analytics - November 3, 2019

Axis Bank made a net profit of INR 50.4 bil in 2018, up 1,005% compared to the previous year. This implies a return on equity of 7.62%. Historically, the bank’s net profit reached an all time high of INR 83.5 bil in 2015 and an all time low of INR 4.56 bil ...

Axis Bank's price/earnings (P/E) fell 86.2% to 39.7 in 2018

By Helgi Analytics - November 3, 2019

Axis Bank stock traded at INR 773 per share at the end 2018 implying a market capitalization of USD 28,639 mil. Since the end of 2013, the stock has appreciated by 165 % implying an annual average growth of 21.5 %. In absolute terms, the value of the company rose...

Axis Bank's net interest margin rose 1.01% to 2.92% in 2018

By Helgi Analytics - November 3, 2019

Axis Bank's net interest margin amounted to 2.92% in 2018, up from 2.89% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.37% in 2014 and an all time low of 2.83% in 2007. The average margin in th...

Axis Bank's customer loan growth fell 30.0% to 12.6% in 2018

By Helgi Analytics - November 3, 2019

Axis Bank's customer loan growth reached 12.6% in 2018, down from 18.0% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 61.3% in 2007 and an all time low of 10.6% in 2016. In the last decade, the average an...

Axis Bank's total revenues rose 17.8% to INR 309 bil in 2018

By Helgi Analytics - November 3, 2019

Axis Bank generated total banking revenues of INR 309 bil in 2017, up 0.255% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year. As a...

Axis Bank's customer deposits rose 26.0% to INR 4,372 bil in 2018

By Helgi Analytics - November 3, 2019

Axis Bank's customer deposits reached INR 4,372 bil in 2017, up 9.59% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. Axis Bank accounted for 3.96% of all...

Axis Bank's customer loans rose 12.6% to INR 4,498 bil in 2018

By Helgi Analytics - November 3, 2019

Axis Bank's customer loans reached INR 4,498 bil in 2017, up 18.0% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. Axis Bank accounted for 5.09% of all custom...

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Finance

Axis Bank has been growing its revenues and asset by 18.8% and 18.6% a year on average in the last 10 years. Its loans and deposits have grown by 20.0% and 17.4% a year during that time and loans to deposits ratio reached 92.0% at the end of 2018. The company achieved an average return on equity of 14.5% in the last decade with net profit growing 10.8% a year on average. In terms of operating efficiency, its cost to income ratio reached 48.6% in 2018, compared to 43.9% average in the last decade.

Equity represented 8.34% of total assets or 13.4% of loans at the end of 2018. Axis Bank's non-performing loans were 5.88% of total loans while provisions covered some 50.0% of NPLs at the end of 2018.

Valuation

Axis Bank stock traded at INR 773 per share at the end of 2018 resulting in a market capitalization of USD 28,639 mil. Over the previous five years, stock price rose by 165% or 21.5% a year on average. That’s compared to an average ROE of 10.1% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 39.7x and price to book value (PBV) of 2.94x in 2018.