Axis Bank’s Q3 net profit increased by 62% to Rs 5,853 crore as provisions increased

Axis Bank reported a net profit of 5,330 crore, up 70% year on year, and net interest income (NII) of 10,360 crore, up 31% year on year.

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Axis Bank, a prominent private lender, announced its financial results for the third quarter ended December 31, 2022 (Q3FY23). In Q3FY23, the bank’s net profit increased by 62% year on year to ₹5,853.1 crore. However, the bank’s provisions increased considerably in the quarter, while asset quality improved further.

Axis Bank reported a net profit of ₹5,330 crore in the second quarter, up 70% year on year, and net interest income (NII) of ₹10,360 crore, up 31% year on year. The net interest margin (NIM) for Q2FY23 was 3.96%, up 57 YOY and 36 QOQ. Provisions fell to ₹550 crore from ₹1,735 crore a year ago. Meanwhile, asset quality has improved, with the gross non-performing asset ratio falling to 2.5% as of 30 September 2022, from 2.76% a quarter earlier and 3.53% a year ago.