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Private lender Axis Bank will on Monday announce its financial results for the first quarter of the financial year 2022-33 (Q1FY23). The bank, in the last quarter Q4FY22, recorded a 54 per cent growth year-on-year (Y-o-Y) in the net profit to Rs 4,118 crore.
In FY22, the bank doubled its net profit to Rs 13,025 crore, 98 per cent higher than the FY21. Also, the net profit in Q4FY22 was Rs 4,118 crore. The operating profit of the bank grew by 13 per cent YOY & 5 per cent QOQ.
Axis Bank's net profits showed a steady rise throughout the year. In Q1FY22, profits after tax (PAT)/ net profit were Rs 2,160 crore. In the next quarter, PAT rose to Rs 3,133 crore. In Q3FY22, the net profit was Rs 3,614 crore.
In the financial results for FY22, the bank also saw an 18 per cent rise in the total deposits while its net advances (loans) rose by 15 per cent.
The bank recorded a fall in its net non-performing assets (NPAs) from 1.05 per cent in FY21 to 0.73 per cent in FY22.
On July 12, the Reserve Bank of India (RBI) approved the reappointment of Rakesh Makhija as the Non-Executive Chairman of the Axis Bank, till October 2023.
As of 10:30 AM on Monday, the bank's shares were trading at Rs 727.90 apiece on BSE. On NSE, it was trading at Rs 728.35, nearly 33 basis points lower than the previous close.
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First Published: Mon, July 25 2022. 10:59 IST