NEW DELHI: Axis Bank on Monday reported a 86% increase in its consolidated net profit at Rs 4,380.59 crore in the first quarter of financial year 2022-23, helped by a steep fall in the amount set aside for bad loans. On a standalone basis, the lender saw a 91% rise in the net profit at Rs 4,125.26 crore.
Its core net interest income grew 21% to Rs 9,384 crore on the back of a 14% rise in advances and a 0.14% expansion in the net interest margin at 3.60%. The overall non-interest income fell 11% to Rs 2,999 crore, mainly driven by a Rs 667 crore reversal in treasury operations due to mark-to-market losses as the yields harden. The core fee income rose 34% to Rs 3,576 crore.
The bank’s provisions came down to Rs 359.36 crore as against Rs 3,302.30 crore in the year-ago period and Rs 987.23 crore for the preceding March quarter, helping the bottom line the most.