scorecardresearch
Axis Bank Q1 results: Net profit rises 94% to Rs 2,160 cr, NII up 11%

Axis Bank Q1 results: Net profit rises 94% to Rs 2,160 cr, NII up 11%

The bank’s net interest income (NII) rose 11 per cent YoY to Rs 7,760 crore, while net interest margin (NIM) was at 3.46 per cent.

Axis Bank said its current and saving account (CASA) deposits rose 19 per cent. Axis Bank said its current and saving account (CASA) deposits rose 19 per cent.

Axis Bank on Monday reported a 94 per cent year-on-year (YoY) increase in its net profit for April-June at Rs 2,160 crore, mainly due to lower provisions. However, the profit was lower than Rs 2,677 crore posted in preceding March quarter.
 
The bank's net interest income (NII) rose 11 per cent YoY to Rs 7,760 crore, while net interest margin (NIM) was at 3.46 per cent.
 
Axis Bank said its current and saving account (CASA) deposits rose 19 per cent, while CASA ratio expanded by 342 basis points to 42 per cent.
 
Also Read: Uneven monsoon hits total area under Kharif sowing, stokes inflation worries

The bank's provisions stood Rs 3,532 crore during the quarter under review against Rs 4,416 crore in the year-ago quarter. "Specific loan loss provisions for Q1FY22 were Rs 3,151 crore compared to Rs 3,512 crore in Q1FY21," Axis Bank said.
 
The loan book grew 12 per cent YoY, driven by growth in all three business segments. While retail loans grew 14 per cent YoY, corporate loans rose 8 per cent, and small and medium enterprises loans were up by 18 per cent.
 
The bank's net credit cost during June quarter was 1.70 per cent as compared with 2.11 per cent in the corresponding quarter a year ago.
 
On the asset front, Axis Bank's gross non-performing assets (NPAs) rose to 3.85 per cent from 3.70 per cent a year ago, while net NPAs also increased to 1.20 per cent from 1.05 per cent.

Also Read: L&T Q1 profit grows to Rs 1,174 crore; revenue up 38% to Rs 29,335 cr
 
"Gross slippages during the quarter were Rs 6,518 crore, compared to Rs 5,285 crore during Q4FY21 and Rs 2,218 crore in Q1FY21. Slippages in Q1FY21 were moderated due to regulatory forbearances that do not exist in the current quarter. Recoveries and upgrades from NPAs during the quarter were Rs 2,543 crore while write-offs were Rs 3,341 crore," the bank said.
 
Axis Bank's provision coverage as a proportion of gross NPAs stood at 70 per cent as of June 30 as against 75 per cent a year ago and 72 per cent as of March 31, 2021.
 
Meanwhile, shares of Axis Bank ended 0.12 per cent higher at Rs 756.15 on the BSE on Monday.

Also Read: India will miss July-end vaccination target as Bharat Biotech falls behind