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Axis Bank Q2 Results: Net Profit Surges 70% YoY To Rs 5,329.8 Crore, NII Jumps 31%

Axis Bank Q2FY23 Results: Private sector lender Axis Bank on Thursday posted a net profit of Rs 5,329.8 crore for the September 2022 quarter (Q2FY23), a jump of 70.1 per cent as compared with the Rs 3,133.3 crore recorded a year ago. Axis Bank’s net interest income (NII) during July-September 2022 grew 31.12 per cent year-on-year to Rs 10,360 crore, compared with Rs 7,901 crore in the year-ago quarter.

Axis Bank’s core operating profit for the September 2022 quarter grew 43 per cent YoY and 19 per cent QoQ to Rs 7,802 crore, respectively. Operating profit for the quarter grew 30 per cent YoY and 31 per cent QoQ to Rs 7,716 crore.

Its net interest margin (NIM) for Q2FY23 stood at 3.96 per cent, a jump of 57 bps YoY and 36 bps QoQ.

As of September 30, 2022, the bank’s reported gross NPA and net NPA levels were 2.50 per cent and 0.51 per cent, respectively, as against 2.76 per cent and 0.64 per cent as on June 30, 2022. Gross slippages during the quarter were Rs 3,383 crore, against Rs 3,684 crore in Q1FY23 and Rs 5,464 crore in Q2FY22.

“Recoveries and upgrades from NPAs during the quarter were Rs 2,826 crore. Consequently, the net slippages in NPAs (before write-offs) for the quarter of Rs 557 crore as compared to Rs 727 crore in Q1FY23 and Rs 707 crore in Q2FY22,” Axis Bank said in a statement.

As on September 30, 2022, Axis Bank’s capital adequacy ratio (CAR) and CET1 ratio, including profit, during July-September stood at 17.72 per cent and 15.14 per cent, respectively. Additionally, the bank held Rs 5,012 crore of COVID-19 provisions, not considered for CAR calculation, providing cushion of 55 bps over the reported CAR.

Axis Bank MD & CEO Amitabh Chaudhry said, “In the past 12 months, we have made significant strides across every identified priority area. The focus on customer obsession and digitisation has got our acquisition engine humming. The core operating profits and margins have grown on the back of strong performance across business segments.”

He added that the bank is building a high-quality, granular franchise with the customer at the centre, while extending our network and services to semi-urban and rural geographies to tap into the Bharat opportunity.

The bank’s balance sheet grew 13 per cent YoY and stood at Rs 11,85,272 crores as on September 30, 2022. Its total deposits grew 10 per cent YoY on a quarterly average balance (QAB) basis as well as on a period-end basis. On QAB basis, savings account deposits grew 14 per cent YoY and 3 per cent QoQ, current account deposits grew 11 per cent YoY; and total term deposits grew 8 per cent YoY. On an MEB basis, the share of CASA deposits in total deposits stood at 46 per cent, up 172 bps YoY and 251 bps QoQ.

At the end of the September 2022 quarter, Axis Bank had a network of 4,760 domestic branches and extension counters situated in 2,676 centres, compared with 4,679 domestic branches and extension counters situated in 2,658 centres a year ago.

It had 16,043 ATMs and cash recyclers spread across the country as on September 30, 2022. The bank’s Axis Virtual Centre is present across six centres with over 1,500 virtual relationship managers as on September 30, 2022.

In the September 2021 quarter, Axis Bank had posted a net profit of Rs 3,133.3 crore, an operating profit of Rs 5,928.2 crore, an NII of Rs 7,900.3 crore, and net interest margin (NIM) of around 3.3 per cent.

Shares of Axis Bank on Thursday fell 0.42 per cent, or Rs 3.45, to close at Rs 826.2 apiece on the BSE.

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