Axis Bank on Thursday announced a net profit of ₹7,129.67 crore for the March quarter, marking a significant recovery from a loss of ₹5,728.42 crore in the same quarter last year — well above estimates.

The Earnings: The bank’s Net Interest Income (NII) for the quarter increased by 11% year-over-year to ₹13,089 crore, with the Net Interest Margin (NIM) reaching 4.06%, reflecting a 5 basis point increase from the previous quarter.

In terms of fee income, the bank reported a 23% year-over-year increase to ₹5,637 crore. Retail fees, which constituted 74% of total fee income, surged by 33%. Specifically, fees from retail cards and payments rose by 39%, and retail assets fees grew by 20%.

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Fees from Third Party Products saw a notable increase of 59%. Corporate and commercial banking fees rose by 2% year-over-year to ₹1,478 crore. Trading income and miscellaneous income for the quarter were ₹1,021 crore and ₹107 crore, respectively, leading to a total non-interest income of ₹6,766 crore, up 41% year-over-year and 22% quarter-over-quarter.

The bank improved its gross non-performing assets (NPAs) to 1.43% from 1.58% in the previous quarter and reduced its net NPAs to 0.31% from 0.36%. The bank achieved recoveries from written-off accounts totalling ₹919 crore during the quarter.

Additionally, the board recommended a final dividend of ₹1 per equity share, pending approval at the bank’s 30th Annual General Meeting. If approved, the dividend will be paid within 30 days from the conclusion of the AGM.

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