Axis Bank Q3 profit up 4.5 pc at Rs 1,757 cr

Private sector lender Axis Bank on Wednesday reported a 4.5 per cent year-on-year jump in net profit at Rs 1,757 crore for the third quarter ended December 2019.

The company had posted a net profit of Rs 1,680.85 crore in the corresponding quarter last year.

Net interest income grew 15 per cent to Rs 6,453 crore in the third quarter this fiscal, the bank said in a stock exchange filing.

Total income during the quarter under review rose to Rs 19,494.87 crore as against Rs 18,130.42 crore in the year-ago period.

Net non-performing assets (NPAs) stood at 2.09 per cent of the net advances as on December 31, 2019, down from 2.36 per cent at the end of December 2018.

Gross non performing assets (GNPA) also improved to 5 per cent of the gross advances from 5.75 per cent a year ago.

In value terms, gross NPAs stood at Rs 30,073 crore in December quarter as against Rs 30,854.67 crore in the same period last year.

Net bad loans were at Rs 12,160.28 crore as against Rs 12,233.29 crore as on December 31, 2018.

The bank further said it recognised slippages of Rs 6,214 crore during December quarter as compared to Rs 3,746 crore in the year-ago period.

Slippages from the loan book were at Rs 5,124 crore and that from investment exposures stood at Rs 1,090 crore.

According to the bank, recoveries and upgrades from NPAs during the quarter stood at Rs 2,422 crore, while write-offs were at Rs 2,790 crore.

Consequently, net slippages (before write-offs) for the quarter stood at Rs 3,792 crore as compared to Rs 2,124 crore in the corresponding quarter of the last fiscal.

Shares of Axis Bank on Wednesday closed about 1 per cent lower at Rs 710 apiece on the BSE.