Profits of private sector Axis Bank increased 4.5 percent in the third quarter of the current financial year.
Axis Bank Q3 Result Update
Axis Bank’s profit in the private sector increased by 4.5 percent in the third quarter of the current financial year. The bank earned a profit of Rs 1757 crore during this period. While in the financial year 2019, the bank’s profit was Rs 1680.8 crore. During this period, the bank’s income grew by 15.2 percent and there was a slight decrease in gross NPA. The bank has provisioned Rs 3470.9 crore for the third quarter.
Axis Bank Income 6453 Crore
In the third quarter of FY 2020, Axis Bank’s interest income has risen by 15.2 percent to Rs 6453 crore. Whereas in FY 2019, the bank’s income was Rs 5603.6 crore.
Operating profit increased by 22 percent to Rs 5743 crore. The balance sheet increased by 8 percent and has increased to Rs 8,19,039 crore. While the advance was up 16 per cent to Rs 5,50,138 crore. Retail loans increased by 25 per cent to Rs 2,91,554 crore.
Asset quality improved
On an annual basis, Gross NPA of Axis Bank has come down from 5.75 per cent to 5 per cent. It was 5.03 per cent in the previous quarter. At the same time, the net NPA has fallen from 2.36 per cent to 2.09 per cent on an annual basis. However, it was 1.99 percent in the previous quarter.
In rupee terms, the gross NPAs of Axis Bank increased from Rs 29,071.4 crore to Rs 30,073 crore in the third quarter on a quarterly basis. At the same time, the net NPA of the bank increased to Rs 12,160.3 crore from Rs 11,138.3 crore in the third quarter on a quarterly basis.
Provisioning increased to 3471 crores
In the third quarter, the provisioning of Axis Bank increased from Rs 3054.51 on an annual basis to Rs 3470.92 crore. The bank identified a slippage of Rs 6214 crore in the third quarter. While this figure was Rs 3746 crore in the same quarter a year ago.
As of December 31, the provisioning coverage ratio of the bank in the third quarter has been 78 per cent, while the bank’s domestic loan growth has been 18 per cent on an annual basis.