Axis Bank Q3 update: Net profit at ₹5,853 cr, up 62%; provisions pick up
1 min read . Updated: 23 Jan 2023, 04:02 PM IST
Premium- During the second quarter, Axis Bank posted a net profit of ₹5,330 crore up by 70% YoY, and net interest income (NII) of ₹10,360 crore surging by 31% YoY.
One of the leading private lender, Axis Bank announced its financial results for the third quarter ending December 31, 2022 (Q3FY23) period. The bank posted a strong growth of 62% year-on-year growth in net profit to ₹5,853.1 crore in Q3FY23. However, in the quarter, the bank's provisions scaled up sharply on quarter-on-quarter basis, but asset quality improves further.
During the second quarter, Axis Bank posted a net profit of ₹5,330 crore up by 70% YoY, and net interest income (NII) of ₹10,360 crore surging by 31% YoY. Net interest margin (NIM) for Q2FY23 came at 3.96%, up 57 YOY and 36 QOQ. Provisions dropped to ₹550 crore, as against ₹1,735 crore a year ago. Meanwhile, asset quality improved with the gross non-performing asset ratio declining to 2.5% as of 30 September 2022, from 2.76% a quarter ago and 3.53% a year ago.