MUMBAI: Axis Bank on Tuesday reported 131.4% surge in its December quarter net profit due to higher net interest and other income. Net profit for the quarter stood at ₹1,680.85 crore against ₹726.44 crore a year ago.
According to 19 Bloomberg analyst estimates, the lender expected to post a profit of ₹1,251 crore.
Net interest income (NII), or the core income a bank earns by giving loans, was up 18.4% to ₹5,603.67 crore versus ₹4,731.52 crore last year. Other income was at ₹4,000.69 crore, up 54.3% from ₹2,593.08 crore a year ago.
Provisions and contingencies rose 8.66% to ₹3,054.51 crore in the quarter from ₹2,811.04 crore a year ago. On a quarter-on-quarter basis, it rose marginally 4.34% from ₹2,927.38 crore.
Gross non-performing assets (NPAs) rose 23.42% to ₹30,854.67 crore at the end of the December quarter from ₹25,000.51 crore in the same quarter last year.
As a percentage of total loans, gross NPAs was at 5.75% versus 5.96% a quarter ago and 5.28% in the year-ago quarter. Net NPAs were at 2.36% against 2.54% last quarter and 2.56% last year same quarter.
Deposits grew 25.71% to ₹5.14 trillion while advances rose 12.87% to ₹4.75 trillion. Gross slippages fell in the quarter to ₹3,746 crore from ₹4,428 crore last year same quarter while recoveries and upgrades for the quarter stood at ₹2,620 crore.
On Tuesday, Axis Bank ended at ₹660.80 on BSE, up 0.74% from previous close while India's benchmark Sensex fell 0.18% to 35592.50 points.