Axis Bank’s December quarter net profit tripled to Rs 3,614 crore

The lender reported 18% year-on-year growth in retail loans, 20% growth in SME loans and 13% growth in the business loan portfolio.

Axis Bank on Monday announced a tripling of its net profit to Rs 3,614 crore in the quarter ended December 2021 on strong loan growth and improving asset quality.

The third largest private sector bank had posted a net profit of Rs 1,117 crore in the same quarter a year ago.

Total revenue during the October-December period of 2021-22 rose to over Rs 21,101 crore from Rs 18,355 crore in the same quarter of 2020-21, Axis Bank said in a regulatory filing.

Net interest income increased by 17% to Rs 8,653 crore in the December 2021 quarter, while net interest margin improved by 14 basis points to 3.53%.

The lender reported 18% year-on-year growth in retail loans, 20% growth in SME loans and 13% growth in the business loan portfolio.

The bank’s credit card spending is up 52% ​​from a year ago.

Specific loan loss provisions for Q3 FY22 were Rs 790 crore compared to Rs 927 crore in Q2 FY22, the bank said.

The bank’s gross non-performing assets (NPA) improved to 3.17% of gross loans as of December 31, 2021, from 3.44% a year ago in the same period. Net NPAs, however, rose 0.91% from 0.74%.

Shares of Axis Bank closed at Rs 704.35 each on the BSE, down 1.16% from the previous close.

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