Axis Bank Q4 results: Net profit stands at ₹7,130 crore, asset quality improves

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Axis Bank on Wednesday (April 24) reported a net profit of ₹7,130 crore, surpassing CNBC-TV18’s poll expectation of ₹6,207.4 crore. In the same quarter of the previous financial year, the lender had reported a loss of ₹5,728.4 crore

Net Interest Income (NII) stood at ₹13,089 crore, outperforming CNBC-TV18’s poll expectation of ₹12,803.9 crore.

Gross Non-Performing Assets (NPAs) slightly decreased to ₹15,127 crore compared to ₹15,893 crore in the previous quarter.

Net NPAs stood at ₹3,247 crore, with a gross NPA% of 1.42% and a net NPA% of 0.31%, reflecting improved asset quality metrics compared to the same quarter last year.

Furthermore, the provision and contingencies for Q4FY24 stood at ₹1,185 crore, with specific loan loss provisions at ₹832 crore.

The bank holds cumulative provisions (standard + additional other than NPA) of ₹12,134 crore at the end of FY24.

The full-year net profit of the bank stood at ₹24,861 crore versus ₹9,580 crore in FY23.

In a move to support its financial position further, Axis Bank’s board approved raising funds amounting to ₹20,000 crore.

Additionally, the board of directors recommended a dividend of ₹1 per equity share of face value of ₹2 per equity share for the financial year ended March 31, 2024.

Shares of Axis Bank settled at ₹1064.05 apiece, marking a 0.72% increase on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow