Axis Bank clocks Rs 2,677 crore profit in Q4 on higher NII

Private sector lender Axis Bank said on Tuesday its profit after tax stood at Rs 2,677 crore in the quarter ended March as compared to a loss of Rs 1,388 crore in Q4 FY20.

Operating profit grew 17 per cent year-on-year and 13 per cent quarter-on-quarter to Rs 6,865 crore.

The bank's net interest income grew 11 per cent to Rs 7,555 crore in Q4 FY21 from Rs 6,808 crore in Q4 FY20. Net interest margin for Q4 FY21 was 3.56 per cent as against 3.55 per cent for Q4FY20.

Fee income for Q4 FY21 stood at Rs 3,376 crore, up 15 per cent year-on-year and 16 per cent quarter-on-quarter. Retail fees grew 16 per cent year-on-year and 17 per cent quarter-on-quarter and constituted 64 per cent of the bank's total fee income.

The corporate and commercial banking fee grew 14 per cent year-on-year and 15 per cent quarter-on-quarter.

Overall, non-interest income (comprising of fee, trading profit and miscellaneous income) for Q4 FY21 grew 17 per cent year-on-year to Rs 4,668 crore from Rs 3,985 crores in Q4 FY20.

Credit cost for the quarter ended March 31 (net of CBG provisioning policy change) stands at 1.21 per cent as compared to 2.77 per cent in Q4 FY20.

As on March 31, the bank's reported gross non-performing asset (NPA) and net NPA levels were 3.7 per cent and 1.05 per cent respectively as against 4.55 per cent and 1.19 per cent as on December 31 last year.

( With inputs from ANI )