Axis Bank Q1FY22 Results: PAT jumps 94% YoY to Rs 2160 on healthy CASA growth, resilient balance sheet – See Key Highlights here

Axis Bank Results Q1FY22 – Axis Bank today reported a consolidated net profit of Rs 2,160 cr for the quarter ended 30 June 2021, which was up 94 per cent year-on-year (YOY) on the back of Healthy CASA growth, steady operating performance and resilient balance sheet, the company said in its filing to exchanges. Net profit in Q1FY21 stood at Rs 1,112 cr. 

The Bank’s operating profit for the quarter grew 10 per cent YOY to Rs 6,416 cr while the core operating profit grew 13 per cent to Rs 5,896 cr, the bank said.  

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Axis Bank’s Net Interest Income (NII) grew 11 per cent YOY to Rs 7,760 cr from Rs 6,985 cr in Q1FY21. Net interest margin (NIM) for Q1FY22 stood at 3.46 per cent. 

Fee income for Q1FY22 grew 62 per cent YOY to Rs 2,668 cr. Retail fees grew 76 per cent YOY; and constituted 62 per cent of the Bank’s total fee income. The corporate and commercial banking fee grew 42 per cent YOY. The trading profits and miscellaneous income for the quarter stood at Rs 499 cr and Rs 421 cr respectively. Overall, non-interest income (comprising of fee, trading profit and miscellaneous income) for Q1FY22 stood at Rs 3,588 cr, up 39 per cent YOY. 

Specific loan loss provisions for Q1FY22 were Rs 3,151 cr compared to Rs 3,512 cr in Q1FY21. The Bank has not utilized Covid provisions during the quarter. The Bank holds cumulative provisions (standard + additional other than NPA) of Rs 12,425 cr at the end of Q1FY22.  

“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 2.05 per cent as on 30th June, 2021,” Axis Bank said.  

“On an aggregated basis, our provision coverage ratio (including specific + standard + additional + Covid provisions) stands at 118 per cent of GNPA as on 30th June, 2021. Net Credit cost for the quarter ended 30th June 2021 was 1.70 per cent as compared to 2.11 per cent in Q1FY21,” it further said.