Axis Bank Q3 net profit surges to Rs 6,071 crore, interest income rises to Rs 27,961

Private sector Axis Bank on Tuesday reported a 4 per cent rise in standalone net profit at Rs 6,071 crore in the third quarter ended December 2023. The bank reported a net profit of Rs 5,853 crore in the October-December quarter of 2022.

In the latest quarter, the bank's interest income rose to Rs 27,961 crore from Rs 22,226 crore in the same period last fiscal. 

The total income of the bank increased to Rs 33,516 crore in the third quarter of the current fiscal year compared to Rs 26,798 crore in the year-ago period, Axis Bank said in a regulatory filing.  

The gross non-performing asset (NPA) ratio improved to 1.58 per cent as of December 31, 2023. In the year-ago period, it stood at 2.38 per cent.

The net NPA declined to 0.36 per cent as compared to 0.47 per cent at the end of December 2022. During the 2023 December quarter, the bank made a provision of Rs 181.70 crore in respect of investments in its Alternate Investment Funds (AIFs) pursuant to the RBI directive issued on December 19, 2023. 

In the third quarter of this fiscal, the bank's net interest income (NII) grew 9 per cent to Rs 12,532 crore, while its net margin (NIM) stood at 4.01 per cent. However, the capital adequacy ratio of the bank declined to 14.88 per cent as compared to 17.60 per cent at the end of December 2022.

(With PTI inputs)