Private sector lender Axis Bank on Thursday reported a net profit of Rs 4,117.8 crore for the quarter ended March 2022, which is 54 per cent higher when compared with Rs 2,677 crore recorded in the corresponding period of the previous year.
The bank's net interest income, the difference between interest earned and interest expended, increased by 16.7 per cent year-on-year to Rs 8,819 crore for the quarter ended March 2022. Net interest margin (NIM) for the quarter came in at 3.49 per cent.
"We have made steady progress across all dimensions of our business. Considerable work has gone into strengthening our core, building granularity while at the same time ensuring that we are well-positioned to grow and leverage the opportunities opening up, hopefully with the pandemic behind us," Amitabh Chaudhry, Managing Director & Chief Executive Officer, Axis Bank, said in a statement.
"The Citi deal is one of its kind and should pivot us into a premium franchise in line with our strategic objectives. With smart products, services, partnerships and talent on our side, we look forward to further building on our performance in the new financial year," Chaudhry said.
For the whole financial year 2021-22, the bank's net interest income grew 13 per cent year-on-year to Rs 33,132 crore from Rs 29,239 crore recorded in the previous year.
Fee income grew 22 per cent year-on-year to Rs 13,001 crore. Operating profit grew by 7 per cent to Rs 24,742 crore in 2021-22 from Rs 23,128 crore in 2020-21.
( With inputs from ANI )
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