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HomeBusinessAxis Bank Profit Nearly Doubles To Rs 4,125 Crore In June Quarter

Axis Bank Profit Nearly Doubles To Rs 4,125 Crore In June Quarter

Axis Bank revenue practically doubles to Rs 4,125 crore in April-June

New Delhi:

Axis Bank on Monday stated its internet revenue practically doubled to Rs 4,125 crore within the April-June quarter of FY23, helped by a decline in unhealthy loans.

The non-public sector financial institution had registered a internet revenue of Rs 2,160 crore within the corresponding quarter of the earlier fiscal.

Total earnings of the financial institution rose to Rs 21,727.61 crore in the course of the April-June quarter of the present fiscal, in comparison with Rs 19,361.92 crore within the year-ago interval, Axis Bank stated in a regulatory submitting.

The lender’s asset high quality improved as gross Non-Performing Assets (NPAs) declined to 2.76 per cent as of June 30 this yr, from 3.85 per cent a yr in the past.

Net NPAs or unhealthy loans slipped to 0.64 per cent of internet advances furnished by June finish from 1.20 per cent a yr earlier.

As a end result, provisions apart from tax and contingencies declined manifold to Rs 359.36 crore as towards Rs 3,302 crore in the identical interval a yr in the past.

On a consolidated foundation, Axis Bank posted an 84 per cent leap in internet revenue to Rs 4,389.22 crore for the reporting quarter as towards Rs 2,374.50 crore in Q1 FY22.

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