New Delhi: Axis Bank NSE 0.96% on Monday reported a net income of Rs 4,125.26 crore in the June quarter, up 91% from Rs 2,160.15 crore in the same period last year.
Analysts had expected ET NOW to post a profit of Rs 340 billion.
Net interest income (NII) for the fourth quarter was Rs 9,384 crore, up 21 percent from a year ago, the private lender said in a BSE statement. Margin percentage nel.,.
The bank reported a temporary loss of Rs 777 crore compared to Rs 602 crore in the March quarter. Axis Bank said it did not implement the Covid rules this quarter.
In all, private lenders have total reserves of Rs 11,830 crore at the end of the June quarter. It is important to note that, based on our calculations, this specification is outside the NPA range. This cumulative period results in a normal business coverage ratio of 1.70 PE.
earnings through June 30, 2022. Overall, our reserves coverage ratio is 134 percent of GDP.” This bank announced in a statement.
Headline NPAs for the quarter was 2.76 percent compared to 2.82 percent in the March quarter. The borrowing cost for the quarter was 0.41%, which was a decrease of 129 basis points compared to the same period last year.
The bank said it issued 990,000 credit cards in the June quarter, up 17 percent from the previous six months
Private lenders’ profits rose 91 percent to Rs 4,125 crore as asset quality improved.
Axis Bank’s profit after tax (PAT) is Rs 4,125 crore, up 91% from Q1 2023.
Axis Bank’s profit after tax (PAT) was Rs 4,125 crore, up 91% in Q1FY23 compared to Rs 2,160.2 crore in Q1FY22. Net interest income increased by nearly 21% in the June quarter of FY23. 9,384 crore compared to 7,760 crores in the same period last year.
- The bank’s net profit margin (NIM) was 3.60%, 14 p.b. In addition. more than the same period last year and until 11 pm. Compared to the previous quarter
- Consolidated return on equity (annualized) was 15.66%, up 587 p.b. It was more than the previous year and the share of subsidiaries was 59%.
- Loans to buyers and sellers are up 25 percent year-over-year, while loans to small businesses are up 27 percent. 50% of the loan portfolio.
- In the quarter, total NPA (non-performing assets) stood at 2.76%, 109 p.b. less than the same period last year and 6 pm compared to the previous quarter, while the net delinquency was 0.64%, 56 p.b. In addition. less than the same period of the previous year and at 21. the previous quarter
- The total capital ratio (CAR), including the results of the first quarter of the fiscal year 2023, is 17.83% and the ratio of each common share is 15.16%.
- Almost 990,000 credit cards were issued in the first quarter, with their share rising 17% in the half year, 96% in the year, and then 16%.
- This bank has become the second largest player in commercial purchases in recent months with 17% market share and 30% market share, with an increase of 3%.
Axis Bank net growth 101% in Q1, fee income up 34%
On July 25, Axis Bank reported that its net income for the first quarter ended June 30, 2022, increased 91% YoY to Rs 4,125.3 billion.
During the same period last year, the private banking sector generated a net profit of Rs 216,020 crore. A CNBC-TV18 survey showed that the revenue for the quarter was Rs 359.54 crore.
The bank’s core operating income for the quarter was Rs 6,554,000, up 17 percent from last year and up 5 percent from the previous quarter. The bank’s net interest income increased 21% year-on-year and 6% quarter-on-quarter to Rs 938.4 billion. Net profit margin (NIM) for the first quarter was 3.60 percent, 14 basis points higher than a year ago and 11 basis points higher than the previous quarter.
Revenue for the first quarter was Rs 357.6 billion, 34% higher than the same period last year. Sales commissions increased 43% compared to last year and represent 66% of the bank’s total commission income. Commissions for retail services (without card or payment) increased by 81% compared to the previous year. Retail and card payment spending grew 62% year over year.
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Corporate and commercial banking revenues increased by 19% year over year. The quarter’s trading loss was Rs 6.67 crore compared to a trading profit of Rs 5.56 crore in Q1 2012.
Other income for the first quarter was Rs 900 crore. Total non-interest income (including commission, trading, and other income) for the first quarter was Rs 299.9 billion.
Provision for bad debts in the first quarter was Rs 777 crore compared to Rs 620 crore in the fourth quarter of 2022. The bank accumulated Rs 11,830 crore in provisions (standard provisions plus additional provisions, excluding NPA) at the end of the reporting period. The first quarter. quarter
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These accumulated reserves represent a standard asset coverage ratio of 1.70% as of June 30, 2022.
Bank balance increased by 14% YoY to Rs 11,525.8 crore as on 30 June 2022. Total deposits grew by 14% on an average quarter (QAB) year-over-year basis and up to 13% at the end of the quarter. year after year
As of June 30, 2022, the bank’s progress reached Rs 701.13 crore, 14% more than the previous year. The ratio between loans and bank deposits is 87%. Personal loans rose 25% YoY and 3% QoQ to Rs 412,683 crore, accounting for 59% of the bank’s net lending. General retail loans made up 79% and mortgage loans 35% of the retail portfolio.
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The bank’s total non-current assets coverage was 77% as of June 30, 2022, compared to 70% as of June 30, 2021, and 75% as of March 31, 2022.
Under the pressures related to COVID-19 (Covid 1.0 and Covid 2.0), outstanding restructured normal loans fell to Rs 3,402 thousand for the quarter, down 0.45% as of June 30, 2022, and the bank’s provision is equal to total loans. . Customer ownership is 24%. Restructuring the loan beyond the set limit.
What happened after the market closed? Shares of Axis Bank closed at Rs 728.20, down Rs 2.75 or 0.38 percent on the BSE.
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As of June 30, 2022, the bank reported gross and net NPA levels of 2.76% and 0.64%, respectively, compared to 2.82% and 0.73% as of March 31, 2022. 398.1 billion rupees in the fourth quarter of the fiscal year. 2022 and 651.8 billion rupees in the first quarter of fiscal 2022.
2,957 crore of NPA refinement and valuation for the quarter. As a result, the net change in NPA (before impairment) was Rs 727 crore in the quarter, compared to Rs 21.8 billion in Q4 and Rs 397.6 billion in Q1 2022. Retail and CBG posted a net loss of Rs 869 crore. They reported Rs. 380 crores respectively, while the company’s net loss was negative Rs 1.8 crore.
In addition to the above recovery and renewal, recovery of the canceled account will cost Rs 744 crore. So slippage is usually less than receipt collection, account updating, and closing. During the quarter, the bank wrote off NPAs totaling Rs 1,513,000 crore.