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As On 02-Dec-2021 EOD, Market Closed
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  • Axis Bank Q2 PAT jumps 86% YoY to Rs 3133 cr

    The private bank's net profit surged 86.21% to Rs 3133.32 crore on 2.99% increase in total income to Rs 20134.39 crore in Q2 September 2021 over Q2 September 2020.

    The bank's Net Interest Income (NII) grew 8% YoY to Rs 7,900 crore from Rs 7,326 crore in Q2FY21. Net interest margin (NIM) for Q2FY22 stood at 3.39%.

    The bank's profit before tax (PBT) jumped 80.97% to Rs 4193.08 crore in Q2 September 2021 over Q2 September 2020.

    The bank's provisions and contingencies tumbled 60.05% to Rs 1735.09 crore in Q2 September 2021 over Q2 September 2020.

    The bank's gross non-performing assets (NPAs) stood at Rs 24,148.61 crore as on 30 September 2021 as against Rs 25,949.77 crore as on 30 June 2021 and Rs 26,831.64 crore as on 30 September 2020.

    The ratio of gross NPAs to gross advances stood at 3.53% as on 30 September 2021 as against 3.85% as on 30 June 2021 and 4.18% as on 30 September 2020.

    The ratio of net NPAs to net advances stood at 1.08% as on 30 September 2021 as against 1.20% as on 30 June 2021 and 0.98% as on 30 September 2020.

    Specific loan loss provisions for Q2FY22 were Rs 927 crore compared with Rs 2,865 crore in Q1FY22.

    Gross slippages during the quarter were Rs 5,464 crore, compared to Rs 6,518 crore during Q1FY22 and Rs 1,751 crore in Q2FY21 (as per IRAC norms). Slippages in Q2FY21 were moderated due to regulatory forbearances that do not exist in the current quarter.

    Consequently, there were net slippages in NPAs (before write-offs) for the quarter of Rs 707 crore as against Rs 3,976 crore in Q1FY22 and net decline in NPA's (before write-offs) of Rs 276 crore in Q2FY21.

    The bank said it has not utilized Covid provisions during the quarter. The bank holds cumulative provisions (standard+ additional other than NPA) of Rs 12,951 crore at the end of Q2FY22. This is over and above the NPA provisioning included in PCR calculations. These cumulative provisions translate to a standard asset coverage of 2.11% as on 30 September 2021.

    On an aggregated basis, the bank's provision coverage ratio (including specific + standard + additional + Covid provisions) stands at 124% of GNPA as on 30 September 2021.

    Credit cost for the quarter ended 30 September 2021 was 0.54% as against 1.70% in Q1FY22.

    The total deposits grew by 18% YoY, both on period end basis and quarterly average balance (QAB) basis. On QAB basis, CASA and RTD deposits put together grew 16% YoY and 4% QoQ. On QAB basis, the share of CASA plus retail term deposits (RTD)deposits in total deposits stood at 83% as of 30 September 2021.

    The bank's advances grew 10% YoY to Rs 6,21,719 crore as on 30 September 2021. The bank's loan to deposit ratio stood at 84%. Retail loans grew 16% YoY and 4% QoQ to Rs 3,45,603 crore and accounted for 56% of the net advances of the bank. The share of secured retail loans was about 80%, with home loans comprising 37% of the retail book. Disbursements in retail segment were up 54% both YoY and QoQ.

    As on 30 September 2021, the bank had a network of 4,679 domestic branches and extension counters situated in 2,658 centres compared to 4,568 domestic branches and extension counters situated in 2,582 centres as at end of 30 September 2020. As on 30 September 2021, the bank had 10,970 ATMs and 5,893 cash recyclers spread across the country.

    Ahead of the result, shares of Axis Bank fell 0.33% to Rs 842.25 on the BSE today.

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Flash News 02-Dec-2021
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02 December 2021 00:00
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