Axis Bank Q3 net up 19% at Rs 1,604 cr but bad loans rise

Private player Axis Bank today reported 19 percent increase in net profit at Rs 1,604 crore for the third quarter ended December 31, 2013-14 fiscal. The bank had posted net profit of Rs 1,347 crore for the October-December quarter of last fiscal, 2012-13, Axis Bank said in a filing to the BSE.<br /><br />

FP Staff January 16, 2014 15:57:45 IST
Axis Bank Q3 net up 19% at Rs 1,604 cr but bad loans rise

Private player Axis Bank todayreported 19 percent increase in net profit at Rs 1,604 crorefor the third quarter ended December 31, 2013-14 fiscal.The bank had posted net profit of Rs 1,347 crore for theOctober-December quarter of last fiscal, 2012-13, Axis Banksaid in a filing to the BSE.

The total Q3, 2013-14 income of the bank increased to Rs9,433.55 crore, from Rs 8,580.30 crore in the year-ago period.For the first nine months of 2013-14, the bank hasclocked 21 per cent rise in net profit, to Rs 4,375 crore,from Rs 3,624.28 crore in the same period of the previousfiscal.

According to a CNBC-TV18 poll, analysts had expected the bank to report net profit of Rs 1,517 crore and net interest income of Rs 3,006 crore for the quarter.

It reported total income of Rs 27,867.75 crore in thefirst three quarters, compared to Rs 24,678.96 crore in thesame period last financial year.

Axis Bank Q3 net up 19 at Rs 1604 cr but bad loans rise

Reuters

As on December 31, Axis Bank's portfolio qualitydeteriorated further, with gross non-performing assets (NPAs)rising to 1.25 percent of gross advances as against 1.19 percent in the same quarter of the previous fiscal.It's net non-performing assets also rose from 0.42 percent from 0.37 percent.

Retail banking business led the growth in earnings(22.9 percent year-on-year) and the treasury and corporate banking business grew 7 percent and 3.8 percent, respectively.

Provisions and contingencies fell sharply to Rs 202.5 crore in October-December quarter as against Rs 687.5 crore in earlier quarter and Rs 384 crore in corresponding quarter of last fiscal.

Net interest margin declined marginally to 3.71 percent versus 3.79 percent on sequential basis.

With inputs from PTI

Updated Date:

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