Axis Bank Q1 net up 94% YoY at Rs 2,160 cr on sharp dip in provisions

Non-interest income up 39% to Rs 3,588 cr, with fee income growing at 62% to Rs 2,668 cr

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