Axis Bank Q1FY22 net profit surges by 94% to Rs 21.6bn

Axis Bank has reported a 94% growth in its net profit for the first quarter of the fiscal year 2022 (Q1FY22) at INR 2,160 crores, compared to INR 1,112 crores in the same quarter of the previous fiscal year.

The diluted earnings per share for the Indian private sector bank for the quarter ended 30 June 2021 were INR 28.19, compared to INR 15.79.

Axis Bank registered an 11% increase in its net interest income to INR 7,760 crores in Q1FY22, compared to INR 6,985 crores in Q1FY21.

The bank’s fee income increased by 62% year-over-year (YoY) to INR 2,668 crores while trading income slipped by 20% YoY to INR 499 crores.

Axis Bank Q1FY22 net profit surges by 94% to Rs 21.6bn. Photo courtesy of Christopher J. Fynn/Wikipedia.org.

Amitabh Chaudhry — MD and CEO of Axis Bank said: “Despite wave two headwinds, we made tremendous progress this quarter on our strategy of building a high quality granular franchise, increasing our relevance in the lives of the customers and the communities we serve and building the best digital bank in the country.

“The journey we started two years back is gathering momentum with a strong balance sheet, conservative provisions and a steady operating performance supporting our aspirations. We continued to differentiate on our pioneering people and diversity initiatives.”

Earlier this month, Axis Bank said that it made its first derivative transaction linked to Secured Overnight Financing Rate (SOFR), which is the recommended US dollar interest rate benchmark.