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Axis Bank, one of the largest private sector lenders in India, on Thursday reported a 54 percent year-on-year growth in standalone profit of Rs Rs 4,118 crore, compared to Rs 2,677 crore in same period last year, the bank said in its BSE filing.
Net interest income(NII), the difference between interest earned and interest expended, grew by 16.7 percent year-on-year to Rs 8,819 crore. It was ₹7,555 crore in the corresponding quarter of last year.
Bank’s credit growth of 15 percent and deposits growth of 19 percent for March 2022 quarter.
Net interest margin (NIM) for quarter stood at 3.49 per cent.
Provisions and contingencies in Q4FY22 declined sharply by 54.4 percent to Rs 987.2 crore compared to corresponding period last fiscal.
Specific loan loss provisions for March quarter were ₹602 crore compared to ₹790 crore in the previous December quarter.
The Board has also recommended dividend of ₹1 per equity share for the year ended 31 March, 2022
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