Axis Bank Q4 net profit soars 54% to Rs 4,118 cr; NII up 17%

Lender's board recommends dividend of Rs 1 per equity share for the year ended 31 March, 2022.

Axis Bank, one of the largest private sector lenders in India, on Thursday reported a 54 percent year-on-year growth in standalone profit of Rs Rs 4,118 crore, compared to Rs 2,677 crore in same period last year, the bank said in its BSE filing.

Net interest income (NII), the difference between interest earned and interest expended, grew by 16.7 percent year-on-year to Rs 8,819 crore. It was ₹7,555 crore in the corresponding quarter of last year.

Bank's credit growth of 15 percent and deposits growth of 19 percent for March 2022 quarter.

Net interest margin (NIM) for quarter stood at 3.49 per cent.

Provisions and contingencies in Q4FY22 declined sharply by 54.4 per cent to Rs 987.2 crore compared to corresponding period last fiscal.

On the asset quality front, gross non-performing assets (GNPA) came in at 2.82 per cent, down by 88 basis points year-on-year and 35 basis points sequentially. The net NPAs stood at 0.73 per cent.

Specific loan loss provisions for March quarter were ₹602 crore compared to ₹790 crore in the previous December quarter.

The Board has also recommended dividend of ₹1 per equity share for the year ended 31 March, 2022.

"Gross slippages during the quarter were Rs 3,981 crore, which were lower compared to Rs 4,147 crore in Q3FY22. Recoveries and upgrades from NPAs during the quarter were Rs 3,763 crore, which resulted into net slippages in NPAs (before write-offs) for the quarter at Rs 218 crore, down sharply compared to Rs 860 crore in previous quarter," said the private sector lender

On Thursday, Axis Bank shares closed at Rs 779.95 apiece on BSE.