Mumbai: Axis Bank Ltd on Wednesday said its net profit rose 4.5% year-on-year to ₹1,680.85 crore on the back of higher net interest income. Net profit was, however, lower than the ₹2,073.4 crore estimated by 22 analysts polled by Bloomberg.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 15.16% to ₹6,452.98 crore from ₹5,603.67 crore in the corresponding period last year.
Other income, which includes core fee income, fell 5.35% on year to ₹3,786.57 crore in the three months ended December.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 5% in the December quarter compared with 5.03% in the September quarter and 5.75% in the year-ago December quarter.
Provisions during the quarter increased 13.6% to ₹3,470.92 crore as against ₹3,054.51 crore in the year-ago quarter. In the July-September quarter, the bank had set aside ₹3,518.39 crore in provisions.
Post provisions, net NPA ratio was at 2.09% against 1.99% in July-September and 2.36% in the year-ago quarter.
Shares of the lender lost 1.08% to close at ₹710 apiece, while the benchmark Sensex lost 0.5% to close at 41115.38 points today.