Beating Street estimates, Axis Bank on Thursday reported a 54% year-on-year (y-o-y) rise in internet revenue at 4,118 crore within the quarter ended March, 2022, in contrast with
2,677 crore in the identical quarter final 12 months.
The financial institution’s asset high quality confirmed enchancment with the gross non-performing property (GNPAs) for the quarter falling to 2.82% of complete advances in contrast with 3.17% within the December quarter and three.7% within the March quarter final 12 months. In worth phrases, the gross NPAs declined to 21,822.32 crore, from
25,314.84 crore.
Net NPAs (unhealthy loans), too, got here all the way down to 0.73% (5,512.16 crore) in comparison with
1.05% (6,993.52 crore). Thus, the provisions for unhealthy loans and contingencies had been trimmed to
987.23 crore for the reported quarter from 2,167.34 crore put apart by the lender within the year-ago interval. The personal lender stated its internet curiosity revenue grew 17% y-o-y to
8,819 crore. Net curiosity margin for the quarter got here in at 3.49%. Total revenue rose to 21,999 crore in opposition to
19,035 crore in the identical interval of 2020-21.
For the complete 2021-22, the online revenue almost doubled to 13,025.48 crore from
6,588.50 crore in 2020-21. Its revenue elevated to 82,597.37 crore from
75,609.83 crore. On a consolidated foundation, the online revenue in Q4FY22 grew by 50% to 4,434 crore from
2,960.40 crore a 12 months in the past. The complete revenue rose to 23,000.69 crore from
19,850.11 crore. Shares of Axis Bank closed at Rs 779.95 apiece on BSE, up 1.81% from the earlier shut.
Amitabh Chaudhry, MD & CEO, stated the financial institution has made regular progress throughout all dimensions of its enterprise. “Considerable work has gone into strengthening our core, building granularity while at the same time ensuring that we are well-positioned to grow and leverage the opportunities opening up, hopefully with the pandemic behind us,” he stated.
Choudhry stated the Citi deal is one in all its type and will pivot Axis Bank right into a premium franchise in step with its strategic goals. “With smart products, services, partnerships, and talent on our side, we look forward to further building on our performance in the new financial year,” he stated.
Source: www.financialexpress.com”