Axis Bank Q3 results: Net profit rises 61.9% to Rs 5,853 crore
Published On: Monday, January 23, 2023 | By: Team KnowMyStock
Axis Bank on Monday reported a 62 percent year-on-year (YoY) surge in net profit at Rs 5,853 crore for the December quarter compared with Rs 3.614 crore in the same quarter last year. The private sector lender's net interest income rose 32 percent year-on-year to Rs 11,459 crore on the back of a strong 15 percent loan growth and an expansion in net interest margins. Provisions dropped to ₹550 crores, as against ₹1,735 crores a year ago. Meanwhile, asset quality improved with the gross non-performing asset ratio declining to 2.5% as of 30 September 2022, from 2.76% a quarter ago and 3.53% a year ago. Demand for credit has rebounded from the pandemic lows and boosted loan growth at banks, with consumers and businesses stepping up spending as the economy revived. Banks have in turn had to jostle for a larger share of deposits.
The bank’s operating profit was Rs 9,277 crore, helped by a modest 8 percent growth in operating expenses against a 32 percent increase in NII and a 23 percent rise in fee income.
Analysts on average had expected the bank to report a profit of 54.43 billion rupees, according to Refinitiv IBES data.
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