Private lender Axis Bank reported a net profit of Rs 1,116 crore for the quarter ending December 2020 (Q3FY21), a decline of 36 per cent year-on-year from Rs 1,756.9 crore during the same period a year ago (Q3FY20). The profit was Rs 1,682.7 crore in the September quarter of FY21 (Q2FY21).
The Mumbai-based lender’s net interest income (NII) grew 14 per cent year-on-year to Rs 7,373 crore for the period under review. NII was Rs 6,452.98 crore during the same period a year ago (Q3FY20). NIM stood at 3.59 per cent in December quarter.
The bank’s operating profit grew 6 per cent year-on-year to Rs 6,096 crore, while core operating profit was up 10 per cent year-on-year.
The lender’s gross non-performing assets (GNPAs) declined to 3.44 per cent compared in 4.18 per cent in the September quarter. The net NPAs stood at 0.74 per cent.
Total provisions and contingencies made by the lender is at Rs 4,604.28 crore for the quarter under review up 0.5 per cent sequentially.
The loan book (including TLTRO) grew by 9 per cent year-on-year, while the retail disbursements in the December quarter stood at all-time highs
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