Home Business Axis Bank Q3 Results: Net Profit Surges 224% To Rs 3,614 Cr, Beats Estimates

Axis Bank Q3 Results: Net Profit Surges 224% To Rs 3,614 Cr, Beats Estimates

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New Delhi: India’s third-largest personal lender Axis Financial institution on Monday logged 224 per cent bounce in its web revenue to Rs 3,614 crore for the quarter ended December 2021 (Q3) on sturdy progress in loans and enchancment in asset high quality, and beats Road estimates.

The financial institution had clocked a web revenue of Rs 1,117 crore within the year-ago interval.

The banks’ whole revenue in the course of the October-December interval of FY21-22 rose over Rs 21,101 crore from Rs 18,355 crore within the year-ago interval, Axis Financial institution mentioned in a regulatory submitting.

In accordance with PTI report, web curiosity revenue of the financial institution was up by 17 per cent year-on-year (YoY) to Rs 8,653 crore in the course of the December 2021 quarter, whereas the online curiosity margin improved by 14 foundation factors to three.53 per cent.

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Axis Financial institution posted 18 per cent YoY progress in retail loans, 20 per cent progress in SME loans, and 13 per cent progress in company mortgage guide. The bank card spend of the financial institution rose by 52 per cent from a year-ago interval.

Particular mortgage loss provisions for Q3FY22 have been Rs 790 crore as in comparison with Rs 927 crore in Q2FY22, the financial institution mentioned within the submitting.

The gross non-performing property (NPAs) of the financial institution improved to three.17 per cent of the gross loans as of December 31, 2021 from 3.44 per cent in year-ago interval. Nevertheless, web NPAs grew 0.91 per cent from 0.74 per cent.

On the BSE, Axis Financial institution inventory closed at Rs 704.35 apiece, down by 1.16 per cent from the earlier shut.

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