Lower provisions spur profitability
Axis Bank on Tuesday reported a standalone net profit of ₹2,677 crore for the fourth quarter ended March as provisioning for bad loans eased. The lender had reported a loss of ₹1,387.78 crore a year earlier.
Total income during the latest quarter was ₹20,213.46 crore compared with ₹20,219.57 crore in the year-earlier period, Axis Bank said in a regulatory filing.
Provisions for bad loans and contingencies declined significantly to ₹3,294,98 crore compared with ₹7,730.02 crore.
During the quarter, the net interest income grew 11% to ₹7,555 crore. Net interest margin rose to 3.56% from 3.55%.
Gross non performing assets (NPAs) fell to 3.7% of the gross advances as on March 31, from 4.86%. Net NPAs too came down to 1.05% from 1.56%.
The bank’s board has authorised the raising of funds up to ₹35,000 crore.
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