Axis Bank Edges Higher Post March Quarter Results

Axis Bank posted a net profit of Rs 2,677 crore for the quarter ended March 2021 owing to a steep fall in bad loan provisions; it had reported a loss of Rs1,387.8 crore during the corresponding period

Axis Bank shares have edged higher in a strong market after the private sector bank reported turnaround results in the quarter ended March 2021. Axis Bank posted a net profit of Rs 2,677 crore for the quarter ended March 2021 owing to a steep fall in bad loan provisions. It had reported a loss of Rs 1,387.8 crore during the corresponding period. At 9:30 am, the shares of Axis Bank were trading at Rs 710, higher by 0.5 per cent on the BSE. Axis Bank's net interest income grew by 11 per cent to Rs 7,555 crore in Q4 of FY21 compared to Rs 6,807.7 crore during the corresponding period. Axis Bank said that its total deposits grew by 10 per cent on period-end basis and by nine per cent YoY on quarterly average balance (QAB) basis.