India’s private sector lender Axis Bank on Tuesday clocked a 4 per cent rise in standalone net profit at Rs 6,071 crore in the third quarter (Q3) ended December 2023. According to PTI, the bank had earned a net profit of Rs 5,853 crore in the October-December quarter of 2022. Axis Bank’ total income increased to Rs 33,516 crore in the third quarter of the current fiscal compared to Rs 26,798 crore in the year-ago period, the bank said in a regulatory filing.
In the latest quarter, the bank’s interest income rose to Rs 27,961 crore from Rs 22,226 crore in the same period last fiscal.
The gross Non-Performing Asset (NPA) ratio improved to 1.58 per cent as of December 31, 2023. In the year-ago period, it stood at 2.38 per cent. Similarly, the net NPA declined to 0.36 per cent as compared to 0.47 per cent at the end of December 2022.
In the current quarter, the pre-provision operating profit (PPOP) experienced a 1.4 per cent year-on-year growth, reaching Rs 9,141 crore. Comparatively, on a quarter-on-quarter basis, there was a notable 6 per cent increase in PPOP.
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During the 2023 December quarter, the bank made a provision of Rs 181.70 crore in respect of investments in its Alternate Investment Funds (AIFs) pursuant to the RBI directive issued on December 19, 2023.
In the first nine months, the total provisions stood at Rs 2,878 crore, up 23 per cent YoY.
In the third quarter of this fiscal year, Axis Bank’s Net Interest Income (NII) grew 9 per cent to Rs 12,532 crore, while its Net Interest Margin (NIM) stood at 4.01 per cent. However, the capital adequacy ratio of the bank dropped to 14.88 per cent as compared to 17.60 per cent at the end of December 2022.
On Tuesday, shares of Axis Bank closed at Rs 1,088.90 apiece, down 2.84 per cent, on the BSE.
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