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Axis Bank Q1 profit nearly doubles to ₹4,125 cr; NII up 21% | Mint – Mint

Axis Bank, one of the largest private sector lenders in the country, on Monday reported a 91% year-on-year growth in standalone profit of 4,125 crore, compared to 2,160 crore in year-ago period, the bank said in a regulatory filing.

Net interest income (NII), the difference between interest earned and interest expended, grew by 21% year-on-year to 9,384 crore. It was 7,760 crore in the corresponding quarter of last year.

Core operating profit of the private lender grew 17% YOY and 5% QOQ, the bank said in a BSE filing .

Fee income for the June quarter jumped 34% YoY to 3,576 crore. Retail fees climbed 43% YoY and constituted 66% 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% as compared with 2.82% in the March quarter. 

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

The bank, Axis Bank said, has not utilised Covid provisions during the quarter.

Overall, the bank held cumulative provisions of 11,830 crore at the end of Q1FY23. “It is pertinent to note that this is over and above the NPA provisioning included in our PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.70 per cent as on 30 June, 2022. On an aggregated basis, our provision coverage ratio stands at 134 per cent of GNPA,” the bank said.

Credit cost for Q1FY23 came at 0.41%, down 129 basis points YoY.

The private lender has issued 9.9 lakh credit cards in the June quarter, which is incremental share of 17% for the last six months.

On bank’s domestic subsidiaries

– Axis Finance Q1FY23 PAT grew 59% YOY to 95 crores; asset quality remains stable, with near zero restructuring

– Axis AMC’s Q1FY23 PAT grew 20% YOY to 88 crores, Quarterly AAUM grew 18% YOY

– Axis Capital Q1FY23 PAT stood at 34 crores

– Axis Securities Q1FY23 PAT at 39 crores

Shares of Axis Bank closed 0.56% lower at 726.65 apiece on the NSE today.

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