On Tuesday, private lender Axis Bank revealed that its net profit for the quarter that concluded on December 31, 2023, increased by 3.7% to Rs 6,071 crore from Rs 5,853.07 crore the previous year.
To reach Rs 12,532 crore, Axis Bank’s net interest income (NII) increased by 9% year over year (YOY) and 2% quarter over quarter (QOQ). In Q3FY24, its net interest margin (NIM) was 4.01 percent. The difference between the interest paid and generated on a loan is known as the net interest margin (NII).
The non-performing assets (NPAs) of the bank remained sound. Gross non-performing assets (NPAs) of Axis Bank decreased to 1.58% during the quarter from 1.73% the prior quarter. Still, its net non-performing assets (NPAs) for the quarter stayed at 0.36 percent.
Year over year (YoY), the gross non-performing assets (NPAs) decreased by 80 basis points to 2.38 percent. From 0.47 percent to 11 basis points, the net NPAs decreased.
The bank has Rs 1,028.34 crore in provisions at the end of the quarter. The amount was more than the previous quarter’s Rs 814.56 crore.
The third-largest private bank in India saw an 18% YoY increase in net interest income (NII) in the first nine months of FY24, from Rs 31,204 crore in FY23 to Rs 36,805 crore.
The net profit increased by sixteen percent over the course of the nine months, from Rs 15,308 crore in 9MFY23 to Rs 17,732 crore. Operating profit increased 16 percent from Rs 22,881 crore in 9MFY23 to Rs 26,587 crore.
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