Axis Bank’s Net Profit Surges 224% YoY, Gross NPA Lowers: Q3 Results

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Axis Bank’s Net Profit Surges 224% YoY, Gross NPA Lowers: Q3 Results

By Malvika Gurung

Investing.com -- The much looked forward to earnings result of the day, Axis Bank (NS: AXBK ) has posted its Q3 earnings and it has exceeded the Street’s estimates.

The private lender has reported a whopping 224% rally in its standalone net profit in the December quarter at Rs 3,614 crore, on a YoY basis, while a 15% growth QoQ, backed largely by growing performances of deposits and loans sectors, along with improving asset quality.

Analysts at ET had predicted a standalone net profit at Rs 3,150 crore for the quarter.

The lender’s NII rose 17% YoY to Rs 8,653 crore, and NIM improved by 14 basis points to Rs 3.5% QoQ, while its other income grew 31% to Rs 3,840 crore YoY.

Axis Bank’s Gross NPA and Net NPA figures lowered to 3.17% and 0.91% in Q3 from 3.53% and 1.08%, respectively, on a YoY basis, while the gross slippages reduced 48% to Rs 4,147 crore.

In terms of deposits, the bank’s figures increased 22% YoY in Q3, with the current account and savings account deposits climbing 25% YoY and 7% QoQ.

The bank’s retail loans grew 18% YoY to Rs 3.67 lakh crore and accounted for 55% of the net advances. It also acquired 7.7 lakh credit cards in the quarter under review, its highest quarterly addition.

Shares of the bank declined 1.11% to Rs 704.6 apiece on Monday.

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