Axis Bank reported a 54% year-on-year (YoY) rise in net profit to Rs 4,117.77 crore for the fourth quarter ended March 31, 2022. In the March 2021 quarter, the company reported a net profit of Rs 2,677.1 crore.

The lender’s total income increased 16% YoY to Rs 21,999.58 in the March 2022 quarter. The net interest income (NII) rose 17% to Rs 8,819 crore for the reported quarter from Rs 7,555 crore in the March quarter of fiscal 2021.

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The net interest margin (NIM) for the March 2022 quarter stood at 3.49%. The operating profit for the quarter grew 135 YoY to Rs 6,466 crore during the March quarter of fiscal 2022.

On the asset quality front, the gross non-performing assets (NPAs) levels were 2.82% in the March 2022 quarter as against 3.17% in the December quarter. Net NPAS stood at 0.73% in the reported quarter as against 0.91% in the December quarter of fiscal 2022.

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Axis Bank said advances grew 15% YoY to Rs 7.07 lakh crore as of March 2022 quarter, with retail loans (which accounted for 57% of net advances) growth at 21% YoY and the growth in corporate loan book was just 4% compared to March 2021 quarter.

Specific loan provisions for the March 2022 quarter were Rs 602 crore compared to Rs 790 crore in the previous December quarter.

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Gross slippages during the final quarter were Rs 3,981 crore, compared to Rs 4,127 crore in the December quarter and Rs 5,285 crore in March 2021 quarter.

The board has also recommended a dividend of Re 1 per equity share for the year ended March 31, 2022.

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In the full year, Axis bank reported 98% growth in net profit to Rs 13,025.48 crore on a 9% increase in total income to Rs 82,597.37 crore in fiscal 2022 over fiscal 2021.