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Axis Bank Q4 profit jumps 54% on sharp fall in provisions, NII gains 17%

Profit increased to Rs 4,117.8 crore during the quarter, compared to Rs 2,677 crore in same period last year, the bank said

April 28, 2022 / 06:10 PM IST
 
 
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Axis Bank, one of the largest private sector lenders in India, reported on April 28 a massive 54 percent year-on-year growth in standalone profit for the quarter ended March 2022, largely driven by significant fall in provisions and improved asset quality performance.

Profit increased to Rs 4,117.8 crore during the quarter, compared to Rs 2,677 crore in same period last year, the bank said in its BSE filing.

Net interest income, the difference between interest earned and interest expended, grew by 16.7 percent year-on-year to Rs 8,819 crore with credit growth of 15 percent and deposits growth of 19 percent for March 2022 quarter.

Axis Bank said advances at Rs 7.07 lakh crore as of March 2022 grew 15 percent YoY, with retail loans (which accounted for 57 percent of net advances) growth at 21 percent YoY and the growth in corporate loan book was just 4 percent compared to corresponding period last fiscal.