Axis Bank, one of the country’s largest private sector lenders, on Monday reported a 91% year-on-year growth in standalone profit of 4,125 million, compared to 2,160 crore over the past year, the bank said in a regulatory filing.

Net interest income (NII), the difference between interest earned and interest spent, grew by 21% year-on-year to 9,384 million. It was 7,760 million in the corresponding quarter of last year.

The private lender’s core operating profit grew 17% YOY and 5% QOQ, the bank said in a BSE filing.

Fee income for the June quarter increased by 34% YoY to 3,576 million. Retail fees rose 43% YoY and comprised 66% of the bank’s total fee income. Corporate and business banking fees combined grew 19% YOY.

The Gross NPA ratio for the April-June quarter stood at 2.76% compared to 2.82% in the March quarter.

Axis Bank said it has set special provisions for loan losses 777 million compared to 602 crore in the March quarter.

The bank, Axis Bank said, has not used the Covid provisions during the quarter.

In general, the bank held the general terms of 11,830 crore at the end of Q1FY23. “It is worth noting that this is over and above the NPA provision included in our PCR calculations. These overall conditions translate into an asset coverage ratio of 1.70 percent as of June 30, 2022. On a gross basis, the coverage ratio of our provision stands at 134 percent of GNPA,” the bank said.

The cost of credit for Q1FY23 reached 0.41%, down 129 basis points YoY.

The private lender has issued 9.9 lakh credit cards in the June quarter, which is part of a 17% increase over the previous six months.

At local bank branches

– Axis Finance Q1FY23 PAT grew 59% YOY to 95 million; asset quality continues to be stable, with almost zero restructuring

– Axis AMC’s Q1FY23 PAT grew 20% YOY to 88 crores, quarterly AAUM grew 18% YOY

– Axis Capital Q1FY23 PAT stood still 34 million

– Axis Securities Q1FY23 PAT at 39 million

Axis Bank shares were down 0.56%. 726.65 each on NSE today.

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