Axis Bank Q3 net profit declines 36% to Rs 1,116 crore, NII grows 14%

The lender's gross NPAs declined to 3.44 per cent from 4.18 per cent in September quarter. Net NPAs stood at 0.74 per cent

Private lender Axis Bank reported a net profit of Rs 1,116 crore for the quarter ending December 2020 (Q3FY21), a decline of 36 per cent year-on-year from Rs 1,756.9 crore during the same period a year ago (Q3FY20). The profit was Rs 1,682.7 crore in the September quarter of FY21 (Q2FY21).
 

The Mumbai-based lender's net interest income grew 14 per cent year-on-year to Rs 7,373 crore for the period under review, while NIM stood at 3.59 per cent.
 

The lender's gross non-performing assets (GNPAs) declined to 3.44 per cent compared in 4.18 per cent in the September quarter. The net NPAs stood at 0.74 per cent.
 

Total provisions and contingencies made by the lender is at Rs 4,604.28 crore for the quarter under review up 0.5 per cent sequentially.