28th April, 2021
Axis Bank of the private sector reported a single net profit of Rs 2,677 crore in the period January to March this year. The net profit has come to the bank due to reduced provisioning on stranded debt. The bank had a net loss of Rs 1,387.78 crore in the same quarter last year. Axis Bank said in a regulatory filing that the bank had total revenue of Rs 20,213.46 crore in the fourth quarter of FY 2020-21. The figure stood at Rs 20,219.57 crore in the fourth quarter of FY 2019-20.
Axis Bank has reported that in the fourth quarter of the last financial year, provisioning declined to Rs 3,294.98 crore in lieu of stranded debt. The figure stood at Rs 7,730.02 crore in the fourth quarter of FY 2019-20.
The bank has reported that net income (NII) from interest to the bank increased by 11 percent to Rs 7,555 crore during the quarter under review. The figure stood at Rs 6,808 crore in the previous quarter.
The bank has reported a net profit of Rs 2,960.40 crore for the period January to March 2021 on an integrated basis. This resulted in a loss of Rs 1,250.09 crore to the bank during the January to March quarter of the previous year.
Axis Bank has reported that the bank's total income increased to Rs 21,028.45 crore for the quarter ended March 31, 2021. The bank had an income of Rs 20,786.23 crore in the same quarter last year.
The bank's gross non-performing assets (NPAs) declined to 3.70 percent of the total loans in the quarter ended March 31, 2021. Last year, the gross NPA of the bank stood at 4.86 percent of the total loan.
The bank's net NPA also fell from 1.56 percent to 1.05 percent in the quarter under review.