Axis Bank reports 95 pc rise in Q1 PAT at Rs 1,370 cr

Private lender Axis Bank on Tuesday reported a net profit of Rs 1,370 crore, up 95.4 per cent from Rs 701.1 crore in the same quarter of last year.

It had a net profit of Rs 1,505 crore from January to March of 2019 due to improved asset quality.

The bank clocked net interest income of Rs 5,843.65 crore in Q1 FY20, up 13 per cent from Rs 5,167 crore earned in the corresponding quarter of previous fiscal.

The asset quality remained flat sequentially. Gross non-performing assets (GNPAs) stood at Rs 29,405 crore, down 1.2 per cent from Rs 29,789 crore in the March quarter of 2019.

The GNPAs, however, fell 10 per cent from Rs 32,662 crore in Q1 FY19. Thus the GNPA ratio was 5.25 per cent in the recently concluded quarter, down from 6.52 per cent in Q1 FY19 but flat from 5.26 per cent in Q4 FY19.

Net NPAs, however, showed improvement and came in at Rs 11,037 crore in Q1 FY20, down 2.1 per cent sequentially and 26 per cent year-on-year.

Total deposits grew 24 per cent with current account-savings account (CASA) and retail term deposits together up 24 per cent, the bank said in a statement. Retail advances grew 22 per cent year-on-year while the advances towards small and medium enterprises (SME) grew 8 per cent.