Axis Bank Q3 Profit Up By 25%

By Olga
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    Axis Bank's net profit increased by 25.34% for the October-December quarter of the current fiscal year by Rs 726.44 crore. The bank reported this rise even as its total income declined marginally.

    Axis Bank Q3 Profit Up By 25%

    The private sector lender net profit for the third quarter in the previous year 2016-17 was Rs 579.57 crore.
    Its bottom line improved mainly on account of lower "provisions (other than tax) and contingencies (net)", which fell to Rs 2,811.04 crore in this year's Q3 compared to Rs 3,795.8 crore in the year-ago period.

    Axis Bank's total income in the third quarter of the current fiscal slipped to Rs 14,314.6 crore, from Rs 14,501.21 crore in the year-ago period, as per its stock exchange filing.

    Gross Non-performing assets (GNPAs) were 5.28 percent during the quarter under review, compared to 5.22 percent a year ago. Net NPAs increased to 2.56 percent, compared to 2.18 percent.

    "The bank's Balance Sheet grew 11 percent YOY (year-on-year) and stood at Rs 6,43,938 crore as on December 31, 2017," said the filing.

    The bank's net interest income grew by 9 percent year-on-year for the third quarter. Its advances increased by 21 percent YOY to Rs 4,20,923 crore and retail loans grew 29 percent to Rs 1,93,296 crore.

    "Corporate credit grew 12 percent YOY to Rs 1,72,743 crore and accounted for 41 percent of net advances. Corporate loan growth was led by 49 percent growth in working capital loans," the bank said.

    Axis Bank added 105 branches to its network across the country in the third quarter this year and had a network of 3,589 domestic branches by December 2017.

    Axis Bank's scrip was trading at Rs 618.45 a share on BSE, up 4.78 percent.

    Inputs from PTI.

    Read more about: axis bank q3 results
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