Hindustan Times ST (Jaipur)
Axis Bank reports ₹2,677 cr net in Q4 on low provisioning
NEW DELHI: Axis Bank on Tuesday reported a standalone net profit of ₹2,677 crore for the fourth quarter ending March as provisioning for bad loans eased.
The private sector lender had reported a loss of ₹1,387.78 crore in the same quarter of the previous financial year.
Total income during the latest quarter stood at ₹20,213.46 crore against ₹20,219.57 crore in the year-ago period, Axis Bank said in a regulatory filing.
Provisions for bad loans and contingencies in the fourth quarter of the last fiscal declined significantly to ₹3,294,98 crore compared to ₹7,730.02 crore the same quarter last year.
During the quarter, the Net Interest Income (NII) grew by 11% to ₹7,555 crore from ₹6,808 crore. Net interest margin (NIM) for the quarter was 3.56% as against 3.55% for the same quarter a year ago.
On consolidated basis, the lender posted a net profit of ₹2,960.40 crore during the quarter ended March 2021 against a loss of ₹1,250.09 crore in the year-ago period.
Total income increased to ₹21,028.45 crore in the latest quarter from ₹20,786.23 crore in the same period a year ago.
Gross non performing assets (NPAS) fell to 3.70% of the gross advances as on March 31, 2021, from 4.86% in the year-ago period. Net NPAS too came down to 1.05% from 1.56%.
During the quarter, the bank made additional provision aggregating ₹803 crores on account of change in NPA provision rates on loans to Commercial Banking segment. Net of the adjustments, specific loan loss provision for fourth quarter would have been ₹1,969 crore.