Axis Bank on Thursday reported a jump of 70 per cent in its standalone net profit at ₹5,329.77 crore in quarter ended September 2022 on healthy core income aided by trimming of bad loans.
The country's third largest private sector lender had posted a net profit of ₹3,133.32 crore in the year ago same quarter ended September 2021.
Total income on standalone basis rose to ₹24,180 crore in September quarter of 2022-23 as against ₹20,134 crore in same period of 2021-22, Axis Bank said in a regulatory filing.
Of this, the interest income during the quarter stood at ₹20,239 crore, up by 24 per cent from ₹16,336 crore.
On asset front, there was improvement with the gross non-performing assets falling to 2.50 per cent of the gross advances as of September 30, 2022 from 3.53 per cent by year-ago same period.
Net NPAs (bad loans) slid to 0.51 per cent from 1.08 per cent.
Bank's provisioning for bad loans and contingencies were thus brought down to ₹549.78 crore for July-September quarter of FY23 from ₹1,735 crore put aside by the lender for the same period of the previous fiscal.
{{/usCountry}}Bank's provisioning for bad loans and contingencies were thus brought down to ₹549.78 crore for July-September quarter of FY23 from ₹1,735 crore put aside by the lender for the same period of the previous fiscal.
{{/usCountry}}Stock of Axis Bank closed at ₹826.20 apiece on BSE, down by 0.42 per cent.