Axis Bank Q1 net profit jumps 91.02% at Rs 4126.26 cr
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The bank reported standalone net profit of Rs 4,126.26 crore for the quarter ended June 30, 2022 as compared to Rs 2160.15 crore in the same period last year, registering a year-on-year growth of 91.02 per cent. Interest income of the bank rose by 17.04 per cent at Rs 18729.65 crore for the quarter ended June 30, 2022 as against Rs 16003.46 crore in the corresponding period last year. During the April-June quarter, total income rose moderately by 10.91 per cent to Rs 21,728.61 crore from Rs 19,591.63 crore in the year ago period.
Meanwhile, operating expenses increased by 20.23 per cent to Rs 15,840.61 crore from Rs 13,175.59 crore in the same period last year. Operating profit slipped 8.23 per cent to Rs 5,888.00 crore from Rs. 6,416.04 crore. Provisions and Contingencies slipped by 89.83 per cent at Rs 359.36 crore from Rs 3,532.01 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 20.94 per cent at Rs 9,385.01 crore versus Rs 7,760.27 crore in the year ago period. Non-interest income dipped 16.42 per cent year-on-year to Rs 2,998.96 crore. On the asset side, gross non- performing assets (NPAs) fell to 2.76 per cent of the gross advances as at the end of June 30, 2022 from a level of 3.85 per cent year earlier. Its net NPAs or bad loans too declined to 0.64 per cent of net advances on June 30, 2022 from 1.20 per cent a year ago.
