Private sector lender Axis Bank on Monday announced its April-June quarter results, the PTI reported. The bank said its net profit nearly doubled to Rs 4,125 crore in the first quarter (Q1) of FY23, as bad loans decline.
According to the report, Axis Bank had clocked a net profit of Rs 2,160 crore in the corresponding quarter of the previous fiscal year.
The bank’s total income of the bank rose to Rs 21,727.61 crore during April-June quarter of the current fiscal year, compared to Rs 19,361.92 crore in the year-ago period, Axis Bank said in a regulatory filing.
The bank said that its Net Interest Income (NII) grew 21 per cent as compared to the same quarter last year and to Rs 9,384 crore.
The lender’s asset quality improved as gross Non-Performing Assets (NPAs) declined to 2.76 per cent as on June 30 this year, from 3.85 per cent a year ago.
Net NPAs or bad loans slipped to 0.64 per cent of net advances furnished by June-end from 1.20 per cent a year earlier.
As a result, provisions other than tax and contingencies declined manifold to Rs 359.36 crore as against Rs 3,302 crore in the same period a year ago.
On a consolidated basis, Axis Bank posted a 84 per cent jump in net profit to Rs 4,389.22 crore for the reporting quarter as against Rs 2,374.50 crore in Q1 FY22.
Shares of Axis Bank closed 0.56 per cent lower at Rs 726.65 apiece on the NSE on Monday.