Axis Bank Q3 Results: Net profit grows 4% to Rs 6,071 Cr

Axis Bank

Axis Bank, India’s leading private sector lender, recorded a net profit of Rs 6,071 crore for the October-December quarter of fiscal year 2023-24, up by 4% from the previous year.

Its net interest income (NII), or the difference between interest received from lending and interest paid to depositors, was Rs 12,532 crore. It is roughly in line with the market expectation of Rs 12,555 crore.

During the quarter, the lender made a provision of Rs 182 crore for all of its alternative investment funds. The net interest margin (NIM) for the quarter was 4.01 per cent.

The bank’s gross non-performing assets (NPAs) were 1.58 per cent, down from 2.38 per cent in the same period last year. However, net NPA for the quarter remained constant at 0.36 per cent YoY.

The lender’s total deposits stood at Rs 10.04 lakh crore, up 18 per cent YoY, with savings and current account (CASA) deposits at 16 per cent and 5 per cent, respectively. The overall term deposits increased by 24 per cent. CASA deposits accounted for 42 per cent of total deposits.

The bank’s advances increased 22 per cent YoY to Rs 9.32 lakh crore. Retail loans from the lender increased by 27 per cent to Rs 5.46 lakh crore. Secured retail loans made for approximately 75 per cent of the retail book, with house loans accounting for 30 per cent.

Also Read | Axis Bank partners with Fibe to introduce India’s First Numberless Credit Card

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