Axis Bank Q3 net profit misses Street estimates, up 5% YoY at Rs 1,757 cr

On the asset quality front, the Mumbai-based bank reported gross non-performing assets at Rs 30,073 crore for the recently concluded quarter. This was up 3.4 per cent QoQ

Private lender Axis Bank on Wednesday was back in the black during the December quarter of FY20, with its standalone net profit surging 4.52 per cent year-on-year (YoY) to come in at Rs 1,757 crore. The profit was Rs 1,680.9 crore in the corresponding quarter of the previous fiscal (Q3FY19).  On a consolidated basis, the net profit was Rs1,884 crore.

The lender had reported a loss of Rs 112.1 crore in the September quarter of FY20 on account of one-time mark-down of deferred tax asset (DTA).

The number missed street estimates by huge margin.

Analysts at Prabhudas