Axis Bank Q3 net profit rises 4.53%
Axis Bank Q3 net profit rises 4.53%

Axis Bank Q3 net profit up 4.5% to 1,757 crore, misses estimates

  • Axis Bank's net interest income increased 15.16% to 6,452.98 crore from 5,603.67 crore
  • Provisions during the quarter increased 13.63% to 3,470.92 crore

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.

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