Axis Bank Q1 net jumps 94 per cent to Rs 2,160 crore

By: |
July 26, 2021 6:36 PM

In the first quarter of the current fiscal, total income of the bank rose to Rs 19,591.63 crore from Rs 19,032.15 crore in the same period a year ago, according to a regulatory filing. Sequentially, it was down from Rs 20,162.76 crore in the quarter ended March 2021.

Highlights from the management commentary: Gross retail slippages stood ~Rs 54billion (84% of total slippages).Highlights from the management commentary: Gross retail slippages stood ~Rs 54billion (84% of total slippages).

Axis Bank on Monday saw its net profit almost double to Rs 2,160.15 crore in the June quarter on the back of a healthy loan book growth and a fall in bad loan provisions. The private sector lender had posted a net profit of Rs 1,112.17 crore in the year-ago period.

In the first quarter of the current fiscal, total income of the bank rose to Rs 19,591.63 crore from Rs 19,032.15 crore in the same period a year ago, according to a regulatory filing. Sequentially, it was down from Rs 20,162.76 crore in the quarter ended March 2021.

The bank’s interest income fell to Rs 16,003.46 crore in Q1 FY22 from Rs 16,445.47 crore in the year-ago period.
However, income on investments jumped to Rs 3,428.20 crore in the latest June quarter from Rs 2,973 crore in the same period a year ago. Likewise, income from other sources also went up.

Loan book grew by 12 per cent year-on-year, driven by all the three business segments of retail, corporate and SME loans, the filing said.

Asset quality showed improvement with the gross non-performing assets or bad loans falling to 3.85 per cent of the gross bad assets as of June 30, 2021 from 4.72 per cent at the end of June 2020. Net NPAs also fell to 1.20 per cent from 1.23 per cent.

Provisions for bad loans and contingencies in the latest June quarter fell to Rs 3,532.01 crore from Rs 4,416.42 crore in the same period a year ago, the bank said.

Specific loan loss provisions for Q1 FY22 were Rs 3,151 crore compared to Rs 3,512 crore in Q1FY21, the filing said, adding that the bank did not utilise COVID provisions during the quarter. Shares of Axis Bank closed flat at Rs 756.15 apiece on BSE.

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