Axis Bank profit nearly doubles to ₹4,125 crore in April-June

Axis Bank on Monday said its net profit nearly doubled to ₹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 ₹2,160 crore in the corresponding quarter of the previous fiscal.

Total income of the bank rose to ₹21,727.61 crore during April-June quarter of the current fiscal, compared to ₹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 ₹359.36 crore as against ₹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 ₹4,389.22 crore for the reporting quarter as against ₹2,374.50 crore in Q1 FY22.