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Axis Bank Q2 results: Net profit at Rs 1,683 crore, NII up 20%

Axis Bank on Wednesday reported a net profit of Rs 1,682.67 crore in the September quarter of FY21 as against a loss of Rs 112 crore in the corresponding period of last year

twitter-logoBusinessToday.In | October 28, 2020 | Updated 19:01 IST
Axis Bank Q2 results: Net profit at Rs 1,683 crore, NII up 20%
Axis Bank

Axis Bank on Wednesday reported a net profit of Rs 1,682.67 crore in the September quarter of FY21 as against a loss of Rs 112 crore in the corresponding period of last year. The profit was reported largely on account of lower tax outgo, the private sector lender said in an exchange filing.

The net interest income (NII) surged 20 per cent to Rs 7,326 crore. The net interest margin (NIM) was recorded at 3.58 per cent, implying a rise of 7 basis points (bps) from the same period last year. The other income of the bank including fee, trading profit and miscellaneous income, fell 2 per cent Rs 3,807 crore in the quarter under review.

Axis Bank reported total provisions and contingencies of Rs 4,850.65 crore, up 30 per cent on Y-o-Y basis. The gross non-performing assets (NPAs) ratio - stood at 4.18 per cent in the second quarter of FY21.

The bank also said that it "has granted moratorium of three months on payment of all instalments/interest, as applicable, falling due between 1 March, 2020 and 31 May, 2020 to eligible borrowers. Further, in line with the additional Regulatory Package guideline of RBI of 23 May, 2020, the bank has granted a second three month moratorium on installments or interest, as applicable, due between 1 June, 2020 and 31 August, 2020 to eligible borrowers. For all such accounts where the moratorium is granted, the asset classification shall remain stand still during the moratorium period (i.e. the number of days past-due shall exclude the moratorium period for the purposes of determining whether an asset is non-performing)."

Meanwhile, shares of Axis Bank ended the intraday trade at Rs 504.85, down 3.60 points or 0.71 per cent as against the previous close on NSE.

Also read: L&T Q2 results: Profit dips 45% to Rs 1,410 crore; declares dividend of Rs 18

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