Axis Bank Q3 net profit surges 224 per cent to Rs 3,614 crore

Mumbai [India], January 24 (ANI): Axis Bank on Monday said its net profit surged 224 per cent to Rs 3,614 crore during the third quarter of the current financial year as compared with the same quarter of last year.
On quarter-on-quarter basis the private lender's net profit has increased by 15 per cent.
The Bank's Net Interest Income (NII) grew by 17 per cent year-on-year and 10 per cent quarter-on-quarter to Rs 8,653 crore. Net interest margin (NIM) for the third quarter of 2021-22 improved by 14 bps quarter-on-quarter to 3.53 per cent.
The first three quarters of 2021-22 the Bank's Net Interest Income rose to Rs 24,313 crore posting a growth of 12 per cent year-on-year.
Fee income grew 26 per cent year-on-year to Rs 9,242 crore for April-December 2021 period. Operating profit grew by 5 per cent to Rs 18,276 crore during the first three quarters of the current financial year from Rs 17,391 crore recorded in the corresponding period of previous year.
"As part of our digital strategy, we continue to focus on 'OPEN' Banking initiatives to enhance user experience through constant innovation in our offerings to both Retail and Corporate Banking customers," Amitabh Chaudhry, MD and CEO, Axis Bank, said in a statement.
"Our integrated 'One Axis' approach has supported many corporates, some of which have also figured in the 2021 Burgundy Private Hurun India 500 List launched last month. In Retail, we continue our growth focus, with the economy turning around and limited impact of the virus. We are optimistic about the future and plan to leverage every sustainable growth opportunity that is available to us," he added.
As on 31st December 2021 the Bank's reported Gross NPA and Net NPA levels were 3.17 per cent and 0.91 per cent, respectively as against 3.53 per cent and 1.08 per cent as on 30th September 2021.
Gross slippages during the third quarter of 2021-22 were Rs 4,147 crore, compared to Rs 5,464 crore in the previous quarter and Rs 7,993 crore in the corresponding quarter of last year (as per IRAC norms).
As on 31st December 2021, the Bank's provision coverage, as a proportion of Gross NPAs stood at 72 per cent, as compared to 75 per cent as at 31st December 2020 and 70 per cent as at 30th September 2021. (ANI)