Axis Bank Q4 results: Net profit soars 54% to ₹4,118 cr; NII up 17%
Premium- The lender's net interest income (NII) — the difference between interest earned and the same it pays out — rose 17% to ₹8,819 crore
Private lender Axis Bank reported a 54% growth in net profit at ₹4,118 crore for the March quarter, helped by higher net interest income. The Bank had clocked a profit of ₹2,677 crore in the same quarter last year.
The lender's net interest income (NII) — the difference between interest earned and the same it pays out — rose 17% to ₹8,819 crore for the quarter under review. It was ₹7,555 crore in the corresponding quarter of last year.
On Thursday, Axis Bank shares closed 1.38% higher at ₹776.50 apiece on NSE.
Meanwhile, the net interest margin (NIM) for the quarter stood at 3.49%. The Bank’s operating profit for the quarter grew 13% year-on-year to ₹6,466 crore during the fourth quarter.
On the asset quality front, gross non-performing assets (GNPA) came in at 2.82%, down by 88 basis points year-on-year and 35 basis points sequentially. The net NPAs stood at 0.73%.
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Specific loan loss provisions for March quarter were ₹602 crore compared to ₹790 crore in the previous December quarter.