Axis Bank Q3 Results: Net profit rises 3.7% to Rs 6,071 crore with over 9% NII growth; asset quality stable

Axis Bank Q3 Results: Private sector lender Axis Bank on Tuesday reported a 3.7 per cent year-on-year increase in net profit to Rs 6,071.1 crore with net interest income growth of 9.4 per cent for the fiscal third quarter.

Axis Bank said its net interest margin (NIM) stood at 4.01 per cent for the fiscal third quarter. | Image: Reuters

Private sector lender Axis Bank on Tuesday reported a standalone net profit of Rs 6,071.1 crore for the October-December period, missing analysts' expectations. The net profit grew 3.7 per cent on a year-on-year basis.

The bank's net interest income (NII), or the difference between interest earned and interest paid, came in at Rs 12,532.2 crore for the December quarter, as against Rs 11,459.3 crore for the year-ago period, according to a regulatory filing.

According to Zee Business research, Axis Bank's quarterly net profit was estimated at Rs 6,180 crore and NII at Rs 12,590 crore.

TRENDING NOW

“The conversations on India are buoyant and it’s being looked upon as an important investment destination, evident in discussions at global platforms like the World Economic Forum. The Indian economic momentum has been strong in FY24, and we believe the trend will continue well into FY25," said Amitabh Chaudhry, MD and CEO, Axis Bank.

"Our focus has been on sustainable and inclusive growth, with customer taking the centrestage in every discussion," the CEO said.

Axis Bank's net interest margin (NIM), a key measure of profitability for lenders, was at 4.01 per cent for the quarter ended December, as against 4.11 per cent for the previous three months. Zee Business analysts had pegged the lender's NIM for the quarter at 4.1 per cent.

Sequential growth in deposits and loans, at 5.0 per cent and 4.0 per cent respectively, was balanced, the bank said.

The lender said its asset quality was stable across segments. Its net non-performing assets (NPAs), or net bad loans, were unchanged sequentially at 0.36 per cent of total loans at the end of the December quarter. Its gross non-performing assets (NPAs) stood at 1.58 per cent of total loans as against 1.73 per cent three months ago, according to the filing.

Axis Bank shares ended weaker by Rs 31.9, or 2.8 per cent, at Rs 1,088.9 apiece on BSE ahead of the earnings announcement.

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

TAGS: