Axis Bank posts Q2 profit at Rs 1,683 crore versus loss last year; NII grows 20% YoY

Axis Bank has shown tremendous growth this year. Showcasing a splendid growth rate, the bank has achieved some great numbers. Here’s a summary:

Axis Bank posts Q2 profit at Rs 1,683 crore versus loss last year; NII grows 20% YoY
Net Interest Income (NII)Rs. 6,102 CrRs 7,326 Cr20% (YoY)
Operating ProfitRs. 5,845 CrRs. 6,898 Cr18% (QoQ)

Other Valuable Figures:

  • The Bank reported a net profit of Rs 1,683 crore for Q2FY21 as against a net loss of Rs 112 crore in Q2FY20.
  • The bank’s operating profit for the quarter grew 16 percent year-on-year (YoY)
  • The net interest margin (NIM) for Q2FY21 was 3.58 percent as against 3.51 percent for Q2FY20.
  • Fee income grew 67 percent QoQ and 4 percent YoY, while retail fee income grew 82 percent QoQ and 0.5 percent YoY. Corporate and commercial banking fees grew 46 percent QoQ and 10 percent YoY.
  • Total deposits grew 13 percent YoY on a quarterly average basis.
  • Savings account deposits grew 15 percent YoY and current account deposits grew 18 percent YoY. Retail term deposits (RTD) were up 25 percent YoY on a quarterly average basis.
  • CASA + RTD deposits ratio improved by 536 bps YoY and 357 bps QoQ to 84 percent
  • Specific loan loss provisions for Q2FY21 were Rs 588 crore, compared to Rs 2,701 crore in Q2 last year.
  • As of September 30, the bank said it had held in aggregate additional provisions of Rs 10,839 crore.
  • The bank’s balance sheet grew 12 percent YoY and stood at Rs 9,09,463 crore as of September 30, 2020.
  • At the end of the September quarter, the bank’s gross NPA and net NPA levels were 4.18 percent and 0.98 percent, respectively, against 4.72 percent and 1.23 percent as of June 30, 2020.
  • Axis Bank said it had provided Rs 1,864 crore against assets that may be restructured.
  • The bank’s slippages from the loan book stood at Rs 741 crore. Corporate slippage stood at Rs 183 crore while recoveries and upgrades stood at Rs 1,848 crore.
  • Investment exposures stood at Rs 190 crore. The bank said as of Q2FY21, its write-offs stood at Rs 1,812 crore.
  • The provision coverage ratio stood at 124 percent of GNPA

Being an NRI, it has always been a major concern to opt for the best bank to open an NRI Bank Account. With the latest figures, Axis Bank turns out to be one of the most promising banks in India for opening an NRI Bank Account.

The NRI Bank Account Opening Process at Axis Bank is very seamless and convenient. The entire process can be done at the comfort of your home.

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