Corporate

Axis Bank FY21 net profit quadruples to Rs 6,588 crore

Axis Bank FY21 net profit quadruples to Rs 6,588 crore

Axis Bank FY21 net profit quadruples to Rs 6,588 crore

Axis Bank FY21 net profit quadruples to Rs 6,588 crore – Axis Bank on Tuesday revealed a 305 percent year-on-year (YoY) growth in its consolidated net profit for financial year 2020-21 at Rs 6,588 crore. The bank’s net revenue pay (NII) grew 16% to Rs 29,239 crore.

Working benefit grew 10% YoY to Rs 25,702 crore in FY21 from Rs 23,438 crore in FY20. All out arrangements for FY21 declined 9% to Rs 16,896 crore, while net revenue edge (NIM) extended by 2 premise focuses to 3.53 percent.

For January-March quarter, the organization announced a net profit of Rs 2,677 crore as against a total deficit of 1,388 crore in the year-prior period. On a quarter-on-quarter premise, net profit rose by 140%.

NII grew 11% YoY to Rs 7,555 crore during the quarter under audit, while NIM extended by 1 premise guide YoY toward 3.56 percent.

Explicit loan loss arrangements for Q4FY21 were at Rs 7,038 crore when contrasted with Rs 4,204 crore in Q4FY20. During the quarter, the bank made extra arrangement collecting Rs 803 crore on account change in non-performing resource (NPA) arrangement rates on credits to business banking fragment.

“On a totaled premise, our arrangement inclusion proportion (counting explicit + standard + extra + COVID arrangements) remains at 120% of gross NPA as on March 31, 2021,” Axis Bank said.

The bank’s accounting report grew 9% YoY and remained at Rs 9,96,118 crore as on March 31, 2021. On resource quality front, Axis Bank’s gross NPA and net NPA remained at 3.70 percent and 1.05 percent, individually, on March 31, 2021 as against 4.55 percent and 1.19 percent as on December 31, 2020.

Shares of Axis Bank shut 0.16 percent lower at Rs 699.30 on the BSE on Tuesday.

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