Private sector Axis Bank on Tuesday reported 4 per cent rise in standalone net profit to Rs 6,071 crore for the third quarter ended December 2023.
The bank had earned a net profit of Rs 5,853 crore in the October-December quarter of 2022.
Axis Bank said in a regulatory filing that the bank’s total income rose to Rs 33,516 crore in the third quarter of the current financial year from Rs 26,798 crore in the year-ago period.
In the latest quarter, the bank’s interest income increased to Rs 27,961 crore from Rs 22,226 crore in the same period last fiscal.
The gross non-performing assets (NPA) ratio improved to 1.58 percent by December 31, 2023. In the year-ago period, it was 2.38 percent.
Similarly, net NPAs declined to 0.36 per cent at the end of December 2022 compared to 0.47 per cent.
During the December 2023 quarter, the bank made a provision of Rs 181.70 crore in respect of investments in its Alternative Investment Fund (AIF) as per the RBI directive issued on December 19, 2023.
The bank’s net interest income (NII) increased by 9 per cent to Rs 12,532 crore in the third quarter of this financial year while the net interest margin (NIM) stood at 4.01 per cent.
However, the bank’s capital adequacy ratio declined to 14.88 per cent at the end of December 2022 compared to 17.60 per cent.
Follow us on Google news ,Twitter , and Join Whatsapp Group of thelocalreport.in
