Mumbai, Oct 26 : Axis Bank on Tuesday reported a rise of 86 per cent in its net profit for the second quarter (Q2) of 2021-22 on a year-on-year basis. Net profit for the period under review rose to Rs 3,133 crore from Rs 1,683 crore for the corresponding period of previous fiscal. "The bank's operating profit for the quarter was Rs 5,928 crore while the core operating profit was Rs 5,456 crore," the bank said in a statement. As per the Q2FY22 results, net interest income zoomed by 8 per cent to Rs 7,900 crore during the quarter under review from Rs 7,326 crore earned during the corresponding quarter of the previous year. The net interest margin for Q2FY22 stood at 3.39 per cent. Further, the bank said the specific loan loss provisions for the quarter under review lowered to Rs 927 crore compared to Rs 2,865 crore in Q1FY22. "The bank has not utilised Covid provisions during the quarter. The bank holds cumulative provisions of Rs 12,951 crore at the end of Q2FY22. It is pertinent to note that this is over and above the NPA provisioning included in our PCR calculations." "These cumulative provisions translate to a standard asset coverage of 2.11 per cent as on September 30, 2021. On an aggregated basis, our provision coverage ratio stands at 124 per cent of GNPA as on September 30, 2021." Furthermore, the bank's reported Gross NPA and Net NPA levels as on September 30, 2021, were 3.53 per cent and 1.08 per cent, respectively, as against 3.85 per cent and 1.20 per cent as on June 30, 2021. "Gross slippages during the quarter were Rs 5,464 crore, compared to Rs 6,518 crore during Q1FY22 and Rs 1,751 crore in Q2FY21 (as per IRAC norms). Slippages in Q2FY21 were moderated due to regulatory forbearances that do not exist in the current quarter." "Recoveries and upgrades from NPAs during the quarter were Rs 4,757 crore while write-offs were Rs 2,508 crore. Consequently, there were net slippages in NPAs (before write-offs) for the quarter of Rs 707 crore as compared to Rs 3,976 crore in Q1FY22 and net decline in NPA's (before write-offs) of Rs 276 crore in Q2FY21." Additionally, the bank reported that its net slippages in NPAs (before write-offs) for retail loans stood at Rs 697 crore and for SME, there was a Rs 16 crore decrease in NPAs (before write-offs). "As on September 30, 2021, the bank's provision coverage, as a proportion of Gross NPAs stood at 70 per cent, as compared to 77 per cent as at September 30, 2020 and 70 per cent as at June 30, 2021." "Provisions prior to technical write-offs remained stable at 88 per cent." In addition, the fund based outstanding of standard restructured loans implemented under resolution framework for Covid-19 related stress as on September 30, 2021 stood at Rs 4,342 crore, that translates to 0.64 per cent of the gross customer assets. "The bank carries a provision of 24 per cent on restructured loans, which is in excess of regulatory limits." /IANS