New Delhi: Axis Bank, one of the largest private sector lenders in India, on Thursday, April 28, 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.
The lender’s net interest income (NII) — the difference between interest earned and the same it pays out — rose 17% to ₹8,819 crore for the quarter under review. It was ₹7,555 crore in the corresponding quarter of last year.
On Thursday, Axis Bank shares closed 1.38% higher at ₹776.50 apiece on NSE.
Meanwhile, the net interest margin (NIM) for the quarter stood at 3.49%. The Bank’s operating profit for the quarter grew 13% year-on-year to ₹6,466 crore during the fourth quarter.
On the asset quality front, gross non-performing assets (GNPA) came in at 2.82%, down by 88 basis points year-on-year and 35 basis points sequentially. The net NPAs stood at 0.73%.
Specific loan loss provisions for March quarter were ₹602 crore compared to ₹790 crore in the previous December quarter. Gross slippages during the quarter were ₹3,981 crore, compared to ₹4,147 crore in the December quarter and ₹5,285 crore in Q4FY21.
The non-interest income during the quarter increased 19% over last year to ₹4,223 crore, while fee income grew by 11% year-on-year.
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.