Axis Bank reports net profit of Rs 3,614 crore in Q3

As of December 31, 2021, the bank’s reported Gross NPA and Net NPA levels were 3.17% and 0.91% respectively as against 3.53% and 1.08% as of September 30, 2021.

Indian banking and financial services company, Axis Bank on Monday reported a robust development performance across deposits and loans, enhancing asset quality with an increase of 224 per cent in standalone net profit at Rs 3,614 crore for the third quarter. The private lender documented a net profit of Rs 1,117 crore in the previous year.

Axis bank shares depreciated by 1.29 per cent valued at Rs 703.30 apiece (−9.20) today at 3:30 pm IST on the NSE. The bank’s net interest income (NII) was boosted by 17% on a year-on-year basis which was valued at Rs 8,653 crore. Net interest margin (NIM) for Q3FY22 enhanced by 14 bps QoQ to 3.53%.

As of December 31, 2021, the bank’s reported Gross NPA and Net NPA levels were 3.17% and 0.91% respectively as against 3.53% and 1.08% as of September 30, 2021. Interest accumulated grew to Rs 17,261 crore against Rs 15,426 crore in Q3FY21. Provisions and contingencies descended significantly to Rs 1,335 crore as against Rs 3,757 crore a year ago.

Over 0.77 million credit cards were acquired in Q3FY22, the highest ever for any quarter, said the lender in a stock exchange filing. “Gross slippages during the quarter were Rs 4,147 crores, compared to Rs 5,464 crore in Q2FY22 and Rs 7,993 crore in Q3FY21 (as per IRAC norms). Slippages from the loan book were at Rs 3,332 crore and that from investment exposures stood at Rs 815 crore. Recoveries and upgrades from NPAs during the quarter were Rs 3,288 crores while write-offs were Rs 1,707 crore. Consequently, there were net slippages in NPAs (before write-offs) for the quarter of Rs 860 crore as compared to Rs 707 crore in Q2FY22 and Rs 5,831 crore in Q3FY21,” the bank said.

As of December 31, 2021, the bank’s provision coverage, as a consonance of Gross NPAs stood at 72%, as compared to 75% as of December 31, 2020, and 70% as of September 30, 2021. Over 0.77 million credit cards stood formulated in Q3FY22, the highest ever for any quarter, said the lender in a stock exchange filing.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time