Axis Bank on Monday said its net profit nearly doubled to Rs 4,125 crore in the April-June quarter of FY23, helped by decline in bad loans.
The private sector bank had registered a net profit of Rs 2,160 crore in the corresponding quarter of the previous fiscal.
Total income of the bank rose to Rs 21,727.61 crore during April-June quarter of the current fiscal, compared to Rs 19,361.92 crore in the year-ago period, Axis Bank said in a regulatory filing.
The lender’s asset quality improved as gross Non-Performing Assets (NPAs) declined to 2.76 per cent as on June 30 this year, from 3.85 per cent a year ago.
Net NPAs or bad loans slipped to 0.64 per cent of net advances furnished by June-end from 1.20 per cent a year earlier.
As a result, provisions other than tax and contingencies declined manifold to Rs 359.36 crore as against Rs 3,302 crore in the same period a year ago.
On a consolidated basis, Axis Bank posted a 84 per cent jump in net profit to Rs 4,389.22 crore for the reporting quarter as against Rs 2,374.50 crore in Q1 FY22. PTI DP HVA
To stay updated with the Latest Stock Market news, download our app here!
For editorial purposes, contact firstname.lastname@example.org
Start Your Financial Learning Journey
Want to learn Stock Market and other Financial Products? Make sure to check out, FinGrad, the learning initiative by Trade Brains. Click here to Register today to Start your 3-Day FREE Trail. And do not miss out on the Introductory Offer!!