Axis Bank Q3 results: Profit rises 4.5% to Rs 1,757 crore; asset quality improves YoY

NEW DELHI: Axis BankNSE -0.70 % on Wednesday posted 4.53 per cent year-on-year rise in profit at Rs 1,757 crore for the quarter ended December 31. The private lender had posted a profit of Rs 1,680.85 crore in the same period last year.

Asset quality of the lender improved with percentage of gross non-performing assets (GNPA) coming in at 5 per cent against 5.75 per cent in the previous financial year. The figure stood at 5.03 per cent in the preceding quarter ended September 30, 2019.

Percentage of net NPAs improved to 2.09 per cent over 2.36 per cent in Q3FY19. The figures stood at 1.99 per cent in the September quarter on FY20.

Asset quality metrics largely stable, Axis Bank said in a release.

Operating profit of the bank grew 22 per cent to Rs 5743 crore. Balance sheet grew 8 per cent to Rs 8,19,039 crore, while advances increased 16 per cent to Rs 5,50,138 crore. Retail loans increased by 25 per cent to Rs 2,91,554 crore.

“The growth in retail advances was driven by product segments across home, auto, personal and small business loans,” Axis Bank said.

The bank recognised slippages of Rs 6,214 crore during the quarter against Rs 3,746 crore in the same period last year.

Provisions increased to Rs 3,470.92 crore against Rs 3054.51 crore on a year-on-year basis.