Axis Bank Q1 results: Profits beat estimates to jump 91%

Private sector bank Axis Bank has published its results for the quarter ending in June 2022 wherein the Bank surpasses all estimates to report a 91% growth in profits.

The bank reported a profit of Rs 4,125 crores for the quarter ending in June 2022 as opposed to Rs 2,160 crores reported in the corresponding quarter last year. Its core operating profit grew 17% to Rs 6,554 crores.

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Axis Bank's Net Interest Income grew 21% YoY to Rs 9,384 crores while its Net Interest Margin improved to 3.6%. Fee income grew 34% YoY to Rs 3,576 crore. Retail fees grew 43% YoY while Retail assets (excluding cards and payments) fees grew 81% YoY & Retail cards and payment fees grew 62%.

Corporate and Commercial banking fees grew 19% while the bank suffered a trading loss of Rs 667 crores. The bank had a trading gain of Rs 556 crores last year. All over, non-interest income for the relevant quarter stood at Rs 2,299 crores. 

Gross NPAs of the bank came in at 2.76% while Net NPAs were 0.64%, showing an improvement in asset quality. Net slippages were down 0.41% annually.

Loan growth was 14% annually as the retail loan book grew 25% while the small business and rural loans grew 74% and 24% respectively. CASA grew 16% YoY and currently stands at 43%.

In March 2022, the bank announced that it would be acquiring the retail business of Citibank. Currently the same is said to be on track and awaiting regulatory approvals.

"As part of the acquisition, we have Rs 58,000 crore of deposits and Rs 28,000 crore of assets. Part of it will get deployed for CRR (cash reserve ratio)/SLR (statutory liquidity ratio) maintenance. There is no liquidity impact on our balance sheet because of the acquisition,” said Puneet Sharma, CFO of the bank.

Dalal Street was not impressed by the results as the stock narrowly avoided a full gap down opening. It opened partially down at Rs 722.90 per share and declined 2.87% today to close at Rs 706.45 per share.

Article by Aman Agarwal.

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