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Axis Bank Q3 Net Profit More Than Doubles

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Axis Bank Ltd reported a 131 percent surge in its standalone profit to Rs 1,681 crore for the third quarter of 2018-19 from Rs 726 crore a year ago. The rise was primarily due to a jump in miscellaneous income from Rs 148 crore to Rs 1,007 crore. The bank recovered Rs 998 crore during the quarter which was largely related of two accounts that were prudentially written off. Additionally, the private lender sold its stakes in two strategic investments during the same period, accounting to Rs 342 crore.

Axis Bank Q3 Net Profit More Than Doubles
 

In the last quarter to be led by former CEO and MD Shikha Sharma, the bank's NII (net interest income) rose 18 percent to Rs 5,604 crore from Rs 4,732 crore in December 2017. Its non-interest income, that includes trading profit, fee collected and other miscellaneous income increased by 54 percent to Rs 4,001 crore during the October-December 2018 period from Rs 2,593 crore in the same quarter last year.

NIM margin was up by 3.47 percent from 3.36 percent in the September 2018 ended quarter. The bank's gross non-performing loans dropped to 5.75 percent of total loans from 5.96 percent in the previous quarter but rose in comparison to 5.28 percent in December 2017.

The share price of Axis Bank closed higher by 1.99 percent or Rs 13.05 at Rs 669.35 apiece on NSE.

Read more about: axis bank
Story first published: Tuesday, January 29, 2019, 17:27 [IST]
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