Axis Bank Dec qtr net jumps over 3-folds to Rs 3,614 crore

New Delhi: Axis Bank on Monday reported an over three-fold jump in its net profit to Rs 3,614 crore in the quarter ended December 2021 on strong growth in loans and improvement in asset quality.

The third largest private sector bank had posted a net profit of Rs 1,117 crore in the same quarter a year ago.

Total income during the October-December period of 2021-22 rose to over Rs 21,101 crore from Rs 18,355 crore in the same quarter of 2020-21, Axis Bank said in a regulatory filing.

Net interest income was up by 17 per cent to Rs 8,653 crore during the December 2021 quarter, while the net interest margin improved by 14 basis points to 3.53 per cent.

The lender registered 18 per cent year-on-year growth in retail loans, 20 per cent growth in SME loans and 13 per cent growth in corporate loan book.

The credit card spend of the bank rose by 52 per cent from a year ago.

Specific loan loss provisions for Q3 FY22 were Rs 790 crore as compared to Rs 927 crore in Q2 FY22, the bank said.

The gross non-performing assets (NPAs) of the bank improved to 3.17 per cent of the gross loans as of December 31, 2021 from 3.44 per cent in year-ago same period. Net NPAs were, however, grew 0.91 per cent from 0.74 per cent.

Stock of Axis Bank closed at Rs 704.35 apiece on the BSE, down by 1.16 per cent from the previous close.