Private sector lender Axis Bank on Thursday reported a net profit of Rs 4,118 crore for the March 2022 quarter, a jump of 54 per cent as compared with Rs 2,677 crore in the year-ago period. Its net interest income (NII) grew 17 per cent year-on-year and 2 per cent quarter-on-quarter to Rs 8,819 crore.
The lender’s net interest margin (NIM) for January-March 2022 stood at 3.49 per cent. Its non-interest income (comprising of fee, trading profit and miscellaneous income) for the March 2022 quarter stood at Rs 4,223 crore, up 19 per cent year-on-year and 10 per cent quarter on quarter, Axis Bank said in a BSE filing.
Its specific loan loss provisions for the quarter were Rs 602 crore, compared with Rs 790 crore in the December 2021 quarter.
The bank has declared a dividend of Rs 1 per equity share for 2021-22. “The board of directors has recommended a dividend of Rs 1 per equity share of a face value of Rs 2 per equity share for the year ended March 31, 2022. This would be subject to approval by the shareholders at the next annual general meeting. “
On the asset quality, the bank’s reported gross NPA and net NPA levels as on March 31, 2022, stood at 2.82 per cent and 0.73 per cent, respectively, as compared with 3.17 per cent and 0.91 per cent as on December 31, 2021.
Gross slippages during the quarter were Rs 3,981 crore, compared with Rs 4,147 crore in the December 2021 quarter and Rs 5,285 crore in the March 2021 quarter. “Recoveries and upgrades from NPAs during the quarter were Rs 3,763 crore,” the bank said in a statement.
It added that the net slippages in NPAs (before write-offs) for the quarter of Rs 218 crores as compared to Rs 860 crore in Q3FY22 and Rs 1,822 crore in Q4FY21. “The net slippages in retail were Rs 193 crores, commercial banking was Rs 85 crore and wholesale banking was negative Rs 60 crore. In addition to recoveries and upgrades previously mentioned, recoveries from written off accounts were Rs 719 crore.
In the December 2021 quarter, the bank had posted a 224 per cent jump in its standalone net profit at Rs 3,614 crore for the quarter ending December 31, 2021, on strong growth performance across deposits and loans, improving asset quality. The lender reported a net profit of Rs 1,117 crore in the year-ago period. Its net interest income (NII) had grown 17 per cent year-on-year to Rs 8,653 crore. Net interest margin (NIM) for Q3FY22 improved by 14 bps QoQ to 3.53 per cent.
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