Axis Bank reports 19% Y-O-Y uptick in the Net Profit (1)oNet Interest Income in Q1FY21 grew by 20% YOY; Cost to assets at 2.00%, YOY improvement at 8bps
oTotal deposits grew 19% YOY on QAB, Loan book (including TLTRO investments) grew by 17% YOY
oCASA ratio at 41%
oImproving asset quality, NNPA at 1.23% declinesby 33 bps QOQ
oPCR improved from 62% to 75% YOY; including all additional provisions, coverage improves from 75% to 104%
oCapital adequacy ratio at 17.47%, CET 1 ratio improving to 13.50%
The Board of Directors of Axis Bank Limited approved the financial results for the quarter and year ended 30thJune2020 at its meeting held in Mumbai on Tuesday, 21stJuly2020.
The Board also noted that Axis Bank branches and ATMs remained operational throughout the COVID-19 phase and successfully maintained high levels of service quality, despite the disruptions caused by the pandemic. In Phone-banking, it was the first bank to open all vanilla lines for inbound customer care, ensuring that all customer service personnel are empowered with optimum training and infrastructure that eventually led to higher customer satisfaction scores.
Amitabh Chaudhry, MD&CEO, Axis Bank said, “The disruption caused by the pandemic has led to immense economic and social impediments, however, it has also brought about innovations across the industry. Axis Bank has been in the forefront, working with all its stakeholders to constantly come up with new solutions that strengthen the institution and support customers, employees and partners through this challenging phase. This has led to many ‘firsts’ and we are in the process of coming up with more. Our journey has been rendered even more special with our ‘Dil Se Open’ spirit that reverberates across all our branches and customer service touch-points.
Profit & Loss Account: Period ended 30thJun2020
Operating Profit and Net ProfitThe Bank’s operating profit for the quarter was`5,844crores, down1% YOY from `5,893crores in Q1FY20.Net profit for Q1FY21 stood at `1,112crores, down 19% YOY
Profit & Loss Account: Period ended 30thJun2020
Operating Profit and Net Profit The Bank’s operating profit for the quarter was`5,844crores, down1% YOY from `5,893crores in Q1FY20.Net profit for Q1FY21 stood at `1,112crores, down 19% YOY
