Mumbai (Maharashtra) [India], July 25 (ANI): Axis Bank on Monday reported a net profit of Rs 4,125.26 crore for the first quarter of the current financial year as compared to Rs 2,160.15 crore recorded in the same period of the previous year, demonstrating a year-on-year rise of 91 per cent.
The bank’s net interest income increased by 21 per cent year-on-year and 6 per cent on a quarter-on-quarter basis.
The bank’s net interest margin for the quarter ended June 30, 2022, was 3.60 per cent, which is 14 basis points higher than the previous year. On a quarter-on-quarter basis Axis Bank’s net interest margin increased by 11 basis points.
The Board of Directors of Axis Bank Limited accepted the financial results for the quarter ended 30th June 2022 at its meeting held in Mumbai on Monday.
Amitabh Chaudhry, MD&CEO, Axis Bank said, “Despite existing macroeconomic headwinds both domestically and globally, we continue to make progress as an institution. We are keeping our priorities in place to construct a nimble, smart and customer-oriented bank.”
“One of the major accomplishments for Axis Bank in the previous quarter was our acquisition of Citibank’s consumer business in India. We have filed for the necessary approvals and once they are in place, the integration process will begin,” Chaudhry said in a statement.
The bank’s core operating profit rose to Rs 6,554 crore for the April-June quarter, registering a growth of 17 per cent on a year-on-year basis and 5 per cent on a quarter-on-quarter basis.
Fee income for Q1 FY23 grew 34 per cent YoY to Rs 3,576 crore. Retail fees grew 43 per cent YoY; and constituted 66 per cent of the Bank’s total fee income.
Retail assets (excluding cards and payments) fee grew 81 per cent YoY. Retail cards and payments fee grew 62 per cent YoY.
The Corporate & Commercial banking fees together grew 19 per cent YoY. The trading loss for the quarter stood at Rs 667 crore as compared to trading gains of Rs 556 crore in Q1 FY22. Miscellaneous income in Q1 FY23 stood at Rs 90 crore. Overall, non-interest income (comprising of fee, trading profit and miscellaneous income) for Q1 FY23 stood at Rs 2,999 crore.
Specific loan loss provisions for Q1 FY23 were Rs 777 crore compared to Rs 602 crore in Q4 FY22. The Bank has not utilised COVID provisions during the quarter. (ANI)