Axis Bank Q3 net profit jumps 62% to Rs 5,853 crore

Private sector lender Axis Bank net profit increased by 62 per cent to Rs 5,853 crore in the quarter ended December 2022 from Rs 3,614 crore in the year-ago period.

Its net interest income grew 32 per cent to Rs 11,459 crore from Rs 8,653 crore in the same quarter of the previous fiscal. Net interest margin (NIM) stood at 4.26 per cent. Gross non-performing assets stood at 2.38 per cent and net NPA at 0.47 per cent. Its provision and contingencies stood at Rs 1,438 crore, which included one-time provisions of Rs 340 crore.

The net advances grew 15 per cent to Rs 7.62 lakh crore and deposits rose by 10 per cent to Rs 8.48 lakh crore.