Shares of Axis Bank rose by 2 per cent following the announcement of quarterly results in 2021. The private sector bank's standalone net profit increased to Rs 2,160 crore
New Delhi (Anish Yande): Shares of Axis Bank rose by 2 per cent on Tuesday's trading session following the announcement of quarterly results in 2021. Axis Bank shares opened at Rs 750 per share from its previous close of Rs 756 per share on Monday. The shares of the private sector bank rose to an intraday high of Rs 756 per share. The market cap of the company rose to Rs 225,127 crore.
Axis Bank's standalone net profit rises 94%:
Axis Bank reported a standalone net profit of Rs 1,112.17 crore in the corresponding quarter last year. The private sector bank's standalone net profit increased to Rs 2,160 crore for the quarter ended June 30, 2021. The Q1 net profit rose by 94.2% on a year-on-year basis.
The total income of Axis Bank rose to Rs 19,591.63 crore in Q1 FY22. Total income was at Rs 19,032.15 crore in the same period last year. The total income decreased from Rs 20,162.76 crore in the quarter ended March 2021
Axis Bank’s net interest income rose 11 per cent to Rs 7,760 crore. The net interest income was at Rs 6,985 crore in the corresponding quarter a year ago. Net interest margin increased by 3.46 per cent YoY.
Provisions and Contingencies of Axis Bank falls 20 percent:
Provisions and Contingencies fell 20 per cent to Rs 3,532.01 crore. The Provisions and Contingencies was Rs 4,416.42 crore in the same period last year. The specific loan loss provisions for the June quarter of 2021 were at Rs 3,151 crores as compared to Rs 3,512 crores in Q1 FY21.
The gross NPA of Axis Bank’s grew to 3.85% as against 3.70%. The net NPA of Axis Bank rose to 1.20% against 1.05% as of 31st March 2021. Axis Bank’s balance sheet rose to Rs 10,12,050 crores as in June 2021 quarter, at an increase of 14% YoY.
The total deposits rose by 16% and advances grew to Rs 6,14,874 crores as of 30 June 2021, at 12% YoY. The bank's loan to deposit ratio stood at 86%.
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