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Private sector lender Axis Bank’s standalone net profit shot up by 94.2 per cent to Rs 2,160.15 crore in the first quarter of the fiscal from Rs 1,112.17 crore a year ago.
Net interest income grew 11 per cent to Rs 7,760 crore in the quarter ended June 30, 2021 as against Rs 6,985 crore a year ago.
The net interest margin was at 3.46 per cent at June-end 2021, registering a six basis points growth year-on-year.
Other income surged 39 per cent to Rs 3,588 crore in the first quarter of the fiscal from Rs 2,587 crore in the corresponding period last fiscal.
Provisions declined by 20 per cent to Rs 3,532.01 crore for the April to June 2021 quarter, as compared to Rs 4,416.42 crore a year ago.
“The bank has not utilised Covid provisions during the quarter,” Axis Bank said in a statement on Monday.
Asset quality improved. Gross non-performing assets amounted to Rs 25,949.77 crore or 3.85 per cent of gross advances, as against 4.72 per cent a year ago. However, on a sequential basis, it was higher compared to 3.7 per cent as on March 31, 2021.
Net NPAs were at 1.2 per cent as on June 30, 2021 as against 1.05 per cent as on March 31, 2021 and 1.23 per cent as on June 30, 2020.
The standard restructured loans under the resolution framework for Covid-19 related stress as on June 30, 2021 stood at Rs 2,192 crore that translates to 0.33 per cent of the gross customer assets.
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