Axis Bank’s Net Interest Income (NII) for the quarter grew by 8% from the same quarter last year to ₹14,646.1 crore. A CNBC-TV18 poll had projected that figure to be ₹14,870 crore.
Net profit for the period stood at ₹7,113 crore, higher than the CNBC-TV18 poll expectation of ₹6,877 crore. On a year-on-year basis, Axis Bank’s bottom-line grew by 22.5%. The rise in profitability is despite lower other income than last year
Axis Bank’s asset quality saw marginal deterioration with Gross NPA at 1.28% from 1.23% in March, while Net NPA stood at 0.39% from 0.37% in the previous quarter. In absolute terms, Axis Bank’s Gross NPA stood at ₹17,124 crore from ₹16,083 crore sequentially, while its Net NPA were ₹5,192 crore from ₹4,789 crore in March.
Provisions for the quarter stood at ₹2,222.5 crore, lower than the previous quarter’s provision figure of ₹3,522 crore.
Axis Bank’s gross slippages during the quarter stood at ₹5,556 crore, higher than the ₹4,675 crore reported during the previous quarter.
Recoveries and NPAs during the quarter stood at ₹2,126 crore. The lender also wrote-off NPAs worth ₹2,399 crore during the quarter.
Axis Bank’s Net Interest Margin during the quarter stood at 3.46%, a contraction of 34 basis points from the 3.8% reported during the same quarter last year. During the March quarter, the lender’s NIM’s stood at 3.62%.
Credit Card issuances for Axis Bank also declined on a sequential basis to 0.92 million from 1.1 million in the previous quarter, although they are higher than the 0.79 million issued during the same quarter last year.
In its quarterly provisional business update already disclosed earlier, Axis Bank’s net advances grew by 18.8% from last year and 2.3% sequentially to ₹12.44 lakh crore, while deposits had grown 13.9% on a year-on-year basis, and 6% from the March quarter to ₹13.35 lakh crore.
Average total deposits also stood 13.1% higher than last year at ₹12.26 lakh crore.
Shares of Axis Bank had ended 1.67% higher on Friday at ₹1,329.4. The stock is up 4% so far this year and is also trading close to its 52-week high level of ₹1,418.
