Q1 Results: Axis Bank Net Profit Jumps 91% YoY To Rs 4,125 Cr

Axis Bank, the country’s third largest private lender on Monday released its financial results for the quarter ended June 30, 2022 and reported a 91 per cent year-on-year (YoY) rise in net profit at Rs 4,125.26 crore compared to Rs 2,160.15 crore in the same quarter last year.

Net interest income (NII) for the quarter jumped 21 per cent YoY to Rs 9,384 crore. Net interest margin (NIM) for the quarter came in at 3.6 per cent, up 14 basis points YoY.

Fee income for the June quarter jumped 34 per cent YoY to Rs 3,576 crore. Retail fees climbed 43 per cent YoY and constituted 66 per cent of the bank’s total fee income. The corporate and commercial banking fees together grew 19% YOY.

The Gross NPA ratio for the April-June quarter stood at 2.76 per cent as compared with 2.82 per cent in the March quarter. 

Axis Bank said it made specific loan loss provisions worth Rs 777 crore as compared to Rs 602 crore in the March quarter.

“As an institution, we continue to make good progress despite the macroeconomic headwinds that pose a challenge at multiple levels, both domestically and to the larger global economy. We continue to strengthen our core, as we open up all doors of growth and development, keeping our priorities intact on building a nimble, smart and customer obsessed bank,” said Amitabh Chaudhry, MD &CEO, Axis Bank.

The bank said its balance sheet was up 14 per cent YoY at Rs 11,52,580 crores as of 30th June 2022. Total deposits grew 14 per cent YoY on a quarterly average balance (QAB) basis and 13 per cent YoY on a period-end basis.