Axis Bank Q1FY23 results: Reports Rs. 4,125 crores Profit, up 91% YOY
Axis Bank, India’s third-largest private sector bank announced its Q1FY23 results today, reporting net profit of Rs. 4,125 crores, as compared to gain of Rs. 2,160 crores in Q1FY22. The Bank’s Net Interest Income (NII) grew 21% YOY and 6% Q-on-Q to Rs. 9,384 crores in Q1FY23 from Rs. 7,760 crores in Q1FY22. Its Net interest margin (NIM) for Q1FY23 was 3.60%, growing 14 bps YOY and 11 bps QoQ. CASA grew up 16% YoY and 1% QoQ, whereas CASA ratio stood at 43% improved by 53 bps YOY. The bank’s operating revenue reflects an 11% growth from Rs. 11,119 crores in Q1FY22 to Rs. 12,383 crores in Q1FY23. As of 30th June 2022 the Bank’s reported Gross NPA and Net NPA levels at 2.76% and 0.64% respectively as against 3.85% and 1.20% as on 30th June 2021. The bank’s Fee income grew 34% YoY to Rs. 3,576 crores. Retail fee grew 43% YOY & contributed 66% to total fee. Overall capital adequacy ratio (CAR) including profit for Q1FY23 stood at 17.83% with CET 1 ratio of 15.16%
