Business News/ Companies / Company Results/  Axis Bank Q4 results: Net profit soars 54% to 4,118 cr; NII up 17%
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Axis Bank Q4 results: Net profit soars 54% to ₹4,118 cr; NII up 17%

The lender's net interest income (NII) —  the difference between interest earned and the same it pays out — rose 17% to ₹8,819 crore

On Thursday, Axis Bank shares closed 1.38% higher at ₹776.50 apiece on NSE. (Reuters)Premium
On Thursday, Axis Bank shares closed 1.38% higher at 776.50 apiece on NSE. (Reuters)

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 and a fall in provisions. 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%.

Specific loan loss provisions for March quarter were 602 crore compared to 790 crore in the previous December quarter. Gross slippages during the quarter were 3,981 crore, compared to 4,147 crore in the December quarter and 5,285 crore in Q4FY21.

The Board has also recommended dividend of 1 per equity share for the year ended 31 March, 2022.

The non-interest income during the quarter increased 19% over last year to 4,223 crore, while fee income grew by 11% year-on-year.

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Published: 28 Apr 2022, 05:00 PM IST
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