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Axis Bank Posts Net Profit Of Rs 2,677 Crore In Q4 Of 2020-21

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Axis Bank Posts Net Profit Of Rs 2,677 Crore In Q4 Of 2020-21

Axis Bank recorded a net profit of Rs 2,677 crore for Q4 of 2020-21

Axis Bank posted a net profit of Rs 2,677 crore for the quarter ended March 2021 (Q4) owing to a steep fall in bad loan provisions. It had reported a loss of Rs 1,387.8 crore during the corresponding period. Its net interest income grew by 11 per cent to Rs 7,555 crore in Q4 of FY21 compared to Rs 6,807.7 crore during the corresponding period.

Axis Bank said that its total deposits grew by 10 per cent on period-end basis and by nine per cent YoY on quarterly average balance (QAB) basis.

On the asset quality front, gross non-performing assets (NPAs) as a percentage of gross advances increased to 3.70 per cent as of March 2021, from 3.44 per cent as of December 2020. Net NPA also climbed to 1.05 per cent from 0.75 per cent in the same period.

The bank’s loan to deposit ratio stood at 88 per cent, while retail loans grew 10 per cent YoY and accounted for 54% of the net advances, the bank added.

Domestic retail loans grew 11 percent YoY. “The share of secured loans was 81 per cent with home loans comprising 36 per cent of the retail book. Retail disbursements touched new all-time highs led by higher contribution from secured loan segments,” said Axis Bank in a statement.