Infographic: Axis Bank’s Net Profit surges by a whopping 91% in Q1FY23

The net interest income (NII) grew 21 per cent to Rs 9,384 crore in June quarter, compared to Rs 7,760 crore during the same quarter last year. On a quarterly basis, this was a rise of 6 per cent, Axis Bank said in a regulatory filing on Monday.

The net interest margin, or NIM, came to be at 3.60 per cent, which is a jump of 14 bps from a year-ago quarter and 11 bps as compared to the previous quarter Q4 FY22. Axis Bank said its core operating profit for the June quarter grew 17 per cent year-on-year to Rs 6,554 crore.

Fee income of Axis Bank for the April to June quarter this fiscal jumped to Rs 3,575 crore, up by 34 per cent on a year-on-year basis. Retail fees grew by 43 per cent as compared to the same quarter last financial year, and constituted 66 per cent of Axis Bank’s total fee income.

The lender further said that it made specific loan loss provisions of Rs 777 crore for the April to June quarter, against the Rs 602 crore provision made during the January to March quarter. The bank did not utilise its Covid-19 provisions during the quarter, it said in the filing with BSE.

Axis Bank said its gross NPA and net NPA levels as on June 30, 2022 were 2.76 per cent and 0.64 per cent respectively as against 2.82 per cent and 0.73 per cent on March 31 2022. Gross slippages during the quarter were Rs 3,684 crore, compared to Rs 3,981 crore in Q4 FY22 and Rs 6,518 crore in Q1 FY22. Credit cost for the quarter was seen at 0.41 per cent, a plunge of 129 bps YoY.

Axis Bank issued 9.9 lakh credit cards to its customers during the April to June quarter, which is an incremental market share of 17 per cent in the last six months. As of June 30, 2022, Axis Bank had a network of 4,759 domestic branches and extension counters situated in 2,702 centres compared to 4,600 domestic branches and extension counters situated in 2,628 centres during the year-ago quarter. The lender has 10,161 ATMs and 6,063 cash recyclers spread across the country as of June 30 this year.