Axis Bank profit nearly doubles to Rs 4,125 crore in April-June

Axis Bank on Monday said its net profit nearly doubled to Rs 4,125 crore in the April-June quarter of FY23, helped by a decline in bad loans.

The private sector bank had registered a net profit of Rs 2,160 crore in the corresponding quarter of the previous fiscal.

Total income of the bank rose to Rs 21,727.61 crore during the April-June quarter of the current fiscal, compared to Rs 19,361.92 crore in the year-ago period, Axis Bank said in a regulatory filing.

The lender's asset quality improved as gross Non-Performing Assets (NPAs) declined to 2.76 percent as of June 30 this year, from 3.85 percent a year ago.

Net NPAs or bad loans slipped to 0.64 percent of net advances furnished by June end from 1.20 percent a year earlier.

As a result, provisions other than tax and contingencies declined manifold to Rs 359.36 crore as against Rs 3,302 crore in the same period a year ago.

On a consolidated basis, Axis Bank posted an 84 percent jump in net profit to Rs 4,389.22 crore for the reporting quarter as against Rs 2,374.50 crore in Q1 FY22.