Axis Bank on Thursday reported a 54 per cent rise in net profit at Rs 4,118 crore for March quarter. The lender had reported a profit of Rs 2,677 crore in the same quarter last year.
The private lender's net interest income for the quarter grew 17 per cent Year-on-Year (YoY) to Rs 8,819 crore
Axis Bank on Thursday reported a 54 per cent rise in net profit at Rs 4,118 crore for March quarter. The lender had reported a profit of Rs 2,677 crore in the same quarter last year.
The private lender's net interest income (NII) for the quarter grew 17 per cent Year-on-Year (YoY) to Rs 8,819 crore. It was Rs 7,555 crore in the corresponding quarter of last year.
Net interest margin (NIM) for the quarter came in at 3.49 per cent.
On Thursday, Axis Bank shares closed 1.38% higher at Rs 776.50 apiece on NSE.
The bank said it made specific loan loss provisions of Rs 602 crore for the quarter compared with Rs 790 crores in the December quarter.
The Board has also recommended dividend of Rs 1 per equity share for the year ended 31 March, 2022.
"The Bank holds cumulative provisions (standard + additional other than NPA) of Rs 12,428 crore at the end of Q4FY22. It is pertinent to note that this is over and above the NPA provisioning included in our PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.77 per cent as of 31st March, 2022," Axis Bank said.
Credit cost for the quarter stood at 0.32 per cent, down 116 bps YoY and 12 bps sequentially.