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Axis Bank back in the black as Q4 net profit comes at ₹2,677 cr – Mint

Axis Bank on Tuesday reported a net profit of 2,677 crore in the quarter ended March 202 as it returned to profit for this quarter. The bank had reported a net loss of 1,388 crore in year-ago period.

The bank’s net interest income jumped 11% to 7,555 crore as against 6,808 crore in the quarter ended March 31, 2020.

The March-quarter gross NPA stood at 3.70% as against 3.44% last quarter, while the net NPA stands at 1.05% versus 0.74% in the December quarter.

Non-interest income (other income) grew by 17.1% year-on-year to 4,668.3 crore in the quarter ended March 2021.

Pre-provision operating profit at 6,864.65 crore increased 17.3% year-on-year in March quarter.

The lender also reported a strong growth of 12% on-year in its loan book.

On the current pandemic situation in the country, the bank stated, “COVID-19 virus, a global pandemic has affected the world economy including India, The extent to which the COVID-19 pandemic including the current second wave witnessed in the country, will impact the Bank’s operations and asset quality will depend on the future developments, which are highly uncertain.”

On Tuesday, the lender’s scrip on BSE closed 0.064% higher at 700.90 apiece.

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