India’s fourth-largest private sector bank by market capitalization, Axis Bank posted its September quarter (Q2FY22) results on Tuesday, 26 October 2021.
Axis Bank’s net interest income (NII) stood at ₹7,900 crore, up 8% year-on-year. Due to a sharp reduction of 60% in bad loan provisioning, the bank’s net profit stood at an all time high of ₹3,133 crore, going up by a whooping 86% year-on-year.
Its gross non-performing assets (NPAs) stood at 3.5% in the September quarter as compared to 4.2% in the same quarter last year, which shows that the asset quality of the bank has improved.
While the bank’s advances have grown by 10%, deposits have grown by 18%. The ratio of current account deposits to savings account deposits also known as the CASA ratio has improved from 40% to 42%.
In the current financial year, the bank's share price has risen by 20%. On the other hand, the Nifty50 index has risen by almost 24%, which shows that Axis Bank has slightly underperformed the Nifty50.
Download the Upstox App Today