Private lender Axis Bank reported a year on year (yoy) growth in operating profit of 17 per cent in the fourth quarter ending March 31, 2021. It stood at Rs 6,865 crore in fourth quarter of FY 2021. Meanwhile, the operating profit of the lender for FY 2021 was at Rs 25,702 crore, up by 10 per cent from FY 2020.
The bank reported a net profit of Rs 2,677 crore in fourth quarter of FY 2021 compared with a net loss of Rs 1,388 crore in fourth quarter of FY 2020. The lender reported a 305 per cent surge in net profit in FY 2021, from Rs 1,627 crore in previous financial year to Rs 6,588 crore in FY 2021.
The bank’s Net Interest Income (NII) grew 11 per cent yoy to Rs 7,555 crore in fourth quarter of FY21 from Rs 6,808 crore in fourth quarter of FY20.
The bank reported a growth in retail fees -- 16 per cent yoy and 17 per cent quarter on quarter (QoQ); and constituted 64 per cent of the Bank’s total fee income.
As on March 31, 2021, the Bank’s reported Gross NPA and Net NPA levels were 3.70 per cent and 1.05 per cent respectively as against 4.55 per cent and 1.19 per cent as on December 31, 2020. This reflects decline of 116 bps and 51 bps respectively on a you basis and a decrease of 85 bps and 14 bps on GNPA and NNPA respectively on a sequential basis.
The standard restructured loans under resolution framework for COVID-19 related stress as of March 31, 2021, stood at Rs 1,848 crore that translates to 0.3 per cent of the gross customer assets. The Bank carries a provision of 26 per cent on restructured loans, which is in excess of regulatory limits.
Amitabh Chaudhry, MD and CEO, Axis Bank said, “As an organization, we have traversed a phenomenal distance last year. We have transformed ourselves in line with the evolving business scenario to become more agile, more relevant and totally dedicated to the needs of millions of customers. From strengthening our digital capabilities, providing flexible employment opportunities to playing our part in the community during these difficult times, Axis has come a long way and we hope to continue with the good work.”
As on March 31, 2021, the Bank had a network of 4,594 domestic branches and extension counters situated in 2,596 centres. The Bank had 11,333 ATMs and 5,710 cash recyclers spread across the country as well. The Bank’s Axis Virtual Centre channel expanded during the year from three centres to six centres and had over 1,500 Virtual Relationship Managers as on March 31, 2021.
