NEW DELHI: Axis Bank posted a 224 per cent year-on-year growth in net profit to Rs 3,614 crore in third quarter of 2021-22 compared to Rs 1,117 crore in the same quarter on lower provisioning. The bank's profit also posted a strong 15 per cent growth on a quarter-on-quarter basis.
Its revenue in the third quarter grew 15 per cent y-o-y and 5 per cent q-o-q to Rs 21,101 crore. The bank's Net Interest Income (NII) grew 17 per cent Y-O-Y and 10 per cent Q-O-Q to Rs 8,653 crores. Net interest margin (NIM) for the quarter improved by 14 bps Q-O-Q to 3.53 per cent.
Fee income for third quarter grew 15 per cent Y-O-Y and 3 per cent Q-O-Q to Rs 3,344 crore. Retail fees, which constitute 65 per cent bank’s fee income, grew 16 per cent Y-O-Y and 6 per cent Q-O-Q. Overall, non-interest income (comprising of fee, trading profit and miscellaneous income) for Q3FY22 stood at Rs 3,840 crore, up 31 per cent Y-O-Y and 1 per cent Q-O-Q.
The bank’s operating profit for the quarter grew 17 per cent Y-O-Y and 4 per cent Q-O-Q to Rs 6,162 crore. Its provisions and contingencies fell 64 per cent year-on-year to Rs 1,334 crore during the quarter. Specific loan loss provisions during the quarter were Rs 790 crores compared to Rs 927 crore in the previous quarter.
The bank’s gross NPAs were at 3.17 per cent of the total advances in the third quarter, down 118 basis points year-on-year and 36 basis points q-o-q. The net NPA during the quarter was 0.91 per cent compared to 1.08 per cent in the previous quarter.