Axis bank is a good bank and results are as appended below. However, a lot of clients ask us whether we like Axis bank or ICICI bank, then our obvious vote is with ICICI bank and hope they all got the answer.
Axis Bank Q1 Results: Net Profit Down 19% On Higher Provisions
Net profit declined 19% year-on-year to Rs 1,112 crore in the quarter ended June, according to its filing. It reported a net loss of Rs 1,388 crore in the previous quarter ended March.
The private sector lender made provisions worth Rs 4,416 crore compared with Rs 3,815 crore a year ago. It set aside Rs 773 crore worth of additional provisions toward Covid-19-related impact on the balance sheet.
Asset quality improved with outstanding gross non-performing assets at Rs 29,560 crore on June 30 compared with Rs 30,234 crore as on March 31.
Gross NPA fell to 4.72% from 4.86% in the preceding three-month period
The bank reported fresh slippages worth Rs 2,218 crore compared with Rs 4,798 crore a year earlier.
Total advances rose 17% year-on-year to Rs 5.79 lakh crore, while total deposits stood at Rs 6.28 lakh crore, up 16% from a year earlier. The growth in advances includes the amount allocated by the bank under the targeted long-term repo operations during the April-June period.
Impact: Result is in line with the expectation. Gross NPAs reduced in YoY. On Advances and Deposit front both up in YoY.
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Axis Bank Q1 Results: Net Profit Down 19% On Higher Provisions
Net profit declined 19% year-on-year to Rs 1,112 crore in the quarter ended June, according to its filing. It reported a net loss of Rs 1,388 crore in the previous quarter ended March.
The private sector lender made provisions worth Rs 4,416 crore compared with Rs 3,815 crore a year ago. It set aside Rs 773 crore worth of additional provisions toward Covid-19-related impact on the balance sheet.
Asset quality improved with outstanding gross non-performing assets at Rs 29,560 crore on June 30 compared with Rs 30,234 crore as on March 31.
Gross NPA fell to 4.72% from 4.86% in the preceding three-month period
The bank reported fresh slippages worth Rs 2,218 crore compared with Rs 4,798 crore a year earlier.
Total advances rose 17% year-on-year to Rs 5.79 lakh crore, while total deposits stood at Rs 6.28 lakh crore, up 16% from a year earlier. The growth in advances includes the amount allocated by the bank under the targeted long-term repo operations during the April-June period.
Impact: Result is in line with the expectation. Gross NPAs reduced in YoY. On Advances and Deposit front both up in YoY.
Get accurate Bank Nifty option tips and make money like pro traders.
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