Axis Bank reports 131% surge in Q3 net profit

  • Axis Bank's gross NPAs rose 23.42% to 30,854.67 crore at the end of the December quarter
  • Deposits grew 25.71% to 5.14 trillion while advances rose 12.87% to 4.75 trillion

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.

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