- Inflation may fall to 5.2 pc next fiscal on normal rains, ease in supplies: RBI report
- Flipkart Big Dussehra Sale 2022 announced: Check date, discounts, cashbacks, easy EMI options and more
- Stock Market next week: Geopolitical situation, US macro numbers, auto sales data among key triggers for holiday-shortened week
- FPIs turn net sellers again; withdraw Rs 7,600 cr from equities in September
- Suzlon Energy chairman Tulsi Tanti passes away at 64
Axis Bank Q1 Results: Private lender’s profit zooms 91% YoY to Rs 4,125 cr, asset quality improves
Axis Bank’s PAT (profit after tax) grew more than expectations by 91 per cent to Rs 4,125 crore in Q1FY23 as against Rs 2160.2 crore in Q1FY22.
Private sector lender Axis Bank on Monday reported strong earnings in the first quarter of the financial year 2022-23 (Q1FY23). The private bank registered strong core operating performance and margin expansion, and healthy growth in average deposits and loans, Axis Bank said in a regulatory filing.
Axis Bank’s PAT (profit after tax) grew more than expectations by 91 per cent to Rs 4,125 crore in Q1FY23 as against Rs 2160.2 crore in Q1FY22. While its Net Interest Income surged nearly 21 per cent to Rs 9,384 crore in the June quarter of FY23 as compared to Rs 7,760 crore a year-ago quarter.
Key highlights of Q1FY23
- The bank’s net interest margin (NIM) stood at 3.60 per cent, up 14 basis points (bps) year-on-year (YoY) and 11 bps quarter-on-quarter (QoQ)
- Consolidated ROE (annualized) at 15.66 per cent, up 587 bps YoY, subsidiaries contribute 59 bps
- Retail loans up 25 per cent YoY, SME up 27 per cent YoY; it constitutes 59 per cent of the loan book
- Gross NPA (non-performing asset) at 2.76 per cent declined by 109 bps YoY & 6 bps QoQ, Net NPA at 0.64 per cent declined by 56 bps YoY and 9 bps QoQ
- Overall capital adequacy ratio (CAR) including profit for Q1FY23 stood at 17.83 per cent with CET 1 ratio of 15.16 per cent
- Around 0.99 million credit cards issued in Q1, incremental share of 17 per cent for last 6 months*, spends up 96 per cent YoY and 16 per cent QoQ
- The bank become the second largest player in Merchant Acquiring with market share of 17 per cent, incremental share of 30 per cent for last 3 months.
Amitabh Chaudhry, MD&CEO, Axis Bank said, “We continue to make good progress despite the macroeconomic headwinds that pose a challenge at multiple levels, both domestically and to the larger global economy.”
We continue to strengthen core, as we open up all doors of growth and development, keeping our priorities intact on building a nimble, smart and customer obsessed bank, he added.
One of the highlights for Axis Bank in the previous quarter was our acquisition of Citibank’s consumer business in India, Chaudhry said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.