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Wednesday, December 1, 2021

AXIS BANK Q2 RESULT: AXIS BANK’S BUMPER PROFIT, Rise 86 percent to cross Rs 3133 crore

Bumper increase in the profit of Axis Bank

Axis Bank, one of the largest private banks in the country, has announced the financial results for the second quarter (2021-22). The bank’s second quarter profit grew 86.2 per cent to Rs 3,133.3 crore. However, the bank was estimated to have a profit of Rs 2,912.1 crore. Whereas in the second quarter of the last financial year (2020-21), the bank’s profit was Rs 1,682.67 crore.

Bank’s NII increased

In the second quarter of 2021-22, the bank’s net interest income i.e. NII was Rs 7,900.3 crore, while during this time the bank was estimated to have a net interest income of Rs 8,064.3 crore. On a yearly basis, the bank’s consolidated profit increased to Rs 3,133.3 crore in the second quarter of the financial year 2021-22, while the bank’s consolidated profit in the same quarter of the previous financial year (2020-21) stood at Rs 1,682.7 crore.

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Fall in NPAs

On a quarter-on-quarter basis, the total NPA of the bank declined to 3.53 per cent as compared to 3.85 per cent in the previous quarter. On a quarterly basis, the bank’s net NPA was 1.08 percent, while in the previous quarter, the bank’s net NPA was 1.20 percent. According to its BSE filing, Axis Bank achieved a 16 per cent growth in retail loans on a year-on-year basis during the quarter ended September 2021. Gained an increase of 18 percent in SME loans and 32 percent in mid-corporate loan book.

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