Axis Bank Q1 net jumps 94% to Rs 2,160 crore

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Axis Bank on Monday witnessed its net profit almost double to Rs 2,160.15 crore in the June quarter. The lender had posted a net profit of Rs 1,112.17 crore in the year-ago period.

The total income of the bank rose to Rs 19,591.63 crore from Rs 19,032.15 crore in the same period a year ago. Sequentially, it was down from Rs 20,162.76 crore in the quarter ended March 2021.

The bank’s interest income fell to Rs 16,003.46 crore in Q1 FY22 from Rs 16,445.47 crore in the year-ago period.  Income on investments jumped to Rs 3,428.20 crore in the latest June quarter from Rs 2,973 crore in the same period a year ago. Likewise, income from other sources also went up.

Loan book grew by 12% year-on-year, driven by all the three business segments of retail, corporate and SME loans, the filing said.

Asset quality showed improvement with the gross non-performing assets or bad loans falling to 3.85% of the gross bad assets as of June 30, 2021 from 4.72% at the end of June 2020. Net NPAs also fell to 1.20% from 1.23%.