Axis Bank Q3 result: Net profit up 3.7% to Rs 6,071 cr, NII at Rs 12,532 cr

Axis Bank Q3FY24 results: Axis Bank's gross NPAs fell to 1.58% in the quarter from 1.73% in the previous quarter

Private lender Axis Bank on Tuesday reported a 3.7 per cent jump in its net profit in the quarter that ended on December 31, 2023, at Rs 6,071 crore as compared to Rs 5,853.07 crore a year ago. 

Axis Bank’s net interest income (NII) grew 9 per cent year-on-year (YOY) and 2 per cent quarter-on-quarter (QOQ) to Rs 12,532 crore. Its Net interest margin (NIM) for Q3FY24 stood at 4.01 per cent. NII is the difference between the interest earned from lending and the interest paid.

The bank’s non-performing assets (NPAs) continued to stay healthy. Axis Bank’s gross NPAs fell to 1.58 per cent in the quarter from 1.73 per cent in the previous quarter. Its net NPAs, however, remained the same at 0.36 per cent in the quarter. 

On a year-on-year (YoY) basis, the gross NPAs were down 80 basis points from 2.38 per cent. The net NPAs were down 11 basis points from 0.47 per cent. 

At the end of the quarter, the bank’s provisions stood at Rs 1,028.34 crore. It was higher than Rs 814.56 crore in the previous quarter. 

In the first nine months of FY24, the net interest income (NII) of the third-largest private bank in India rose 18 per cent YoY to Rs 36,805 crore from Rs 31,204 crore in FY23. 

During the nine months, the net profit grew 16 per cent to Rs 17,732 crore from Rs 15,308 crore in 9MFY23. The operating profit rose 16 per cent to Rs 26,587 crore from Rs 22,881 crore in 9MFY23. 

In the first nine months, the total provisions stood at Rs 2,878 crore, up 23 per cent YoY. 

On Tuesday, the shares of Axis Bank closed 2.84 per cent in the red at Rs 1,088.90 apiece on BSE.