Axis Bank’s December Quarter Net Profit Soars 3-Folds To Rs 3,614 Crores

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Axis Bank’s net profit for December quarter rose three-folds

New Delhi:

Country’s third largest private sector lender, Axis Bank on Monday reported more than three-fold jump in its net profit at Rs 3,614 crore in the third quarter of the current fiscal, on strong growth in loans and improved asset quality.

It had recorded a net profit of Rs 1,117 crore during the corresponding period of last year.

The bank’s total income during the October-December period of 2021-22 rose to over Rs 21,101 crore from Rs 18,355 crore in the same quarter of 2020-21, Axis Bank said in a regulatory filing.

Net interest income was up by 17 per cent 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.

The lender registered 18 per cent year-on-year 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.

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 same period. Net NPAs were, however, grew 0.91 per cent from 0.74 per cent.

Author: desi123

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