New Delhi: Private sector lender Axis Bank on Tuesday reported over two-fold jump in net profit to Rs 1,680.85 crore for the third quarter ended 31 December.
The bank had posted a net profit of Rs 726.44 crore in the corresponding period of the previous fiscal. The net interest income grew 18 percent to 5,604 crore in the third quarter this fiscal.
Total income during the quarter under review rose to Rs 18,130.42 crore as against Rs 14,314.63 crore in the year-ago period, Axis Bank said in a regulatory filing.
Net non-performing assets (NPAs) stood at 2.36 percent of the net advances as on 31 December, 2018, down from 2.56 percent by the end of December 2017.
Gross NPAs (or bad loans), however, worsened to 5.75 percent of the gross advances, up from 5.28 percent a year ago.
Axis Bank’s strategy for the next three years would pivot around delivery of three important vectors – growth, profitability and sustainability, said Axis Bank managing director and CEO Amitabh Chaudhry.
"I believe that Axis Bank as a franchise is uniquely positioned to leverage this opportunity and regain its past momentum on growth and profitability quickly. Our market share is still only 4% on deposits and 4.7% on loans," he said.
In value terms, the gross NPAs stood at Rs 30,854.67 crore in December quarter as against Rs 25,000.51 crore in the same period previous year. Net bad loans were Rs 12,233.29 crore as against Rs 11,769.49 crore.
The bank said it has witnessed healthy loan growth during the quarter, with domestic loan rising by 18 percent year-on-year; while retail loan book grew by 20 percent.
Its retail advances constitute 49 percent of the total advances, Axis bank said.
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Updated Date: Jan 29, 2019 20:42:11 IST