New Delhi: India’s third-largest private lender Axis Bank on Monday logged 224 per cent jump in its net profit to Rs 3,614 crore for the quarter ended December 2021 (Q3) on strong growth in loans and improvement in asset quality, and beats Street estimates.
The bank had clocked a net profit of Rs 1,117 crore in the year-ago period.
The banks’ total income during the October-December period of FY21-22 rose over Rs 21,101 crore from Rs 18,355 crore in the year-ago period, Axis Bank said in a regulatory filing.
According to PTI report, net interest income of the bank was up by 17 per cent year-on-year (YoY) to Rs 8,653 crore during the December 2021 quarter, while the net interest margin improved by 14 basis points to 3.53 per cent.
Axis Bank posted 18 per cent YoY growth in retail loans, 20 per cent growth in SME loans, and 13 per cent growth in corporate loan book. The credit card spend of the bank rose by 52 per cent from a year-ago period.
Specific loan loss provisions for Q3FY22 were Rs 790 crore as compared to Rs 927 crore in Q2FY22, the bank said in the filing.
The gross non-performing assets (NPAs) of the bank improved to 3.17 per cent of the gross loans as of December 31, 2021 from 3.44 per cent in year-ago period. However, net NPAs grew 0.91 per cent from 0.74 per cent.
On the BSE, Axis Bank stock closed at Rs 704.35 apiece, down by 1.16 per cent from the previous close.
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