 "Axis Bank Q1 net up 94% YoY at Rs 2,160 cr on sharp dip in provisions")
Private lender Axis Bank's net profit rose by 94 per cent to Rs 2,160 crore in the first quarter ended June 2021 (Q1FY22) on a rise in non-interest income and a sharp dip in provisions.
The bank posted net profit of Rs 1,112 crore during the same quarter last year (Q1FY21). Sequentially, the bank had booked a profit of Rs 2,677 crore in the quarter ended March 2021 (Q4FY21).
The Axis Bank stock closed flat at Rs 756.15 per share on BSE.
Its net interest income (NII) rose by 11 per cent in Q1FY22 to Rs 7,760 crore from Rs 6,985 crore in Q1FY21.
Net interest margin (NIM) for the reporting quarter rose to 3.46 per cent for Q1FY22 from 3.4 per cent for Q1FY21. NIM was 3.56 per cent in Q4Fy21.
Its non-interest income was up by 39 per cent on YoY basis to Rs 3,588 crore in Q1FY22. Within it, the fee-income grew 62 per cent to Rs 2,668 crore.
The bank's asset quality profile improved with gross non-performing assets (NPAs) stood at 3.85 per cent in June 2021 from 4.72 per cent a year-ago. Sequentially, GNPAs rose marginally from 3.7 per cent in March 2021.
Net NPAs declined to 1.2 per cent during the quarter from 1.23 per cent a year ago. Net NPAs were at 1.05 per cent in March 2021.
Its provisions fell to Rs 3,532 crore in Q1FY22 from Rs 4,416 crore in Q1FY21. The provisions rose marginally at Rs 3,294 crore in Q4Fy21.
The provision coverage ratio (PCR) rose to 87 per cent for Q1Fy22 from the same level a year ago. PCR was 88 per cent in March 2021.
Advances rose 12 per cent to Rs 6.14 trillion in Q1FY22, while deposits also grew by 16 per cent to Rs 7.13 trillion in June 2021.
The bank’s total Capital Adequacy Ratio (CRAR) stood at 18.67 per cent in June 2021.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%