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Axis Bank fiscal Q3 net profit rises 6.52% YOY


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Banking Essentials Newsletter 2021: December Edition

Axis Bank fiscal Q3 net profit rises 6.52% YOY

Axis Bank Ltd.'s consolidated net profit for the quarter ended Dec. 31, 2019, rose 6.52% year over year to 18.84 billion rupees from 17.69 billion rupees. EPS for the fiscal third quarter was 6.63 rupees, compared to 6.85 rupees in the year-ago period.

On a stand-alone basis, the Indian lender's net profit for the fiscal quarter increased roughly 5% to 17.57 billion rupees from 16.81 billion rupees in the prior-year period. Stand-alone EPS fell to 6.21 rupees from 6.52 rupees, according to a Jan. 22 release.

Net interest income grew 15% year over year to 64.53 billion rupees from 56.04 billion rupees. Net interest margin stood improved to 3.57% for the quarter from 3.51% in the quarter ended Sept. 30, 2019, and from 3.47% in the year-ago period.

On a consolidated basis, total income climbed year over year to 199.76 billion rupees from 186.33 billion rupees. The bank's total expenditure, excluding provisions and contingencies, swelled to 140.40 billion rupees from 129.59 billion rupees.

Provisions and contingencies for the quarter rose to 34.87 billion rupees from 30.54 billion rupees.

The bank's gross nonperforming assets ratio came to 5.00% as of Dec. 31, 2019, compared to 5.03% at Sept. 30, 2019, and 5.75% at Dec. 31, 2018. The bank's net NPA ratio came in at 2.09%, compared to 1.99% at the end of the previous quarter and 2.36% at the end of 2019.

Under Basel III, the bank's total capital adequacy ratio stood at 18.20% at the end of 2019, compared to 15.81% in the prior-year period.

As of Jan. 21, US$1 was equivalent to 71.19 Indian rupees.