Axis Bank posts highest ever quarterly net profit that grew 86% on year

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Axis Bank posts highest ever quarterly net profit that grew 86% on year
BCCL
Private sector Axis Bank on Tuesday reported an over 86 per cent jump in its standalone net profit at Rs 3,133.32 crore in the second quarter ended September 2021. The bank had posted a net profit of Rs 1,682.67 crore during the same period of the previous fiscal year.

Total standalone income during July-September 2021-22 rose to Rs 20,134.39 crore, from Rs 19,550 crore in the same period of 2020-21, Axis Bank said in a regulatory filing.

The bank showed improvement on the asset quality front, as the gross non-performing assets (NPAs) or bad loans fell to 3.53 per cent of the gross advances by the end of September this year from 4.18 per cent in the same period a year ago.

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Net NPAs, however, rose to 1.08 per cent from 0.98 per cent.

Bank's provisions for bad loans and contingencies for the reported quarter fell substantially to Rs 1,735 crore from Rs 4,343 crore put aside in the year-ago period.

Shares of Axis Bank closed at Rs 842.25 apiece on the BSE, down 0.33 per cent from their previous close.

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