Axis Bank Q3 profit up 4.5% to ₹1,757 crore:
Axis Bank Ltd on Wednesday said its net profit climbed 4.5% year-on-year to $1,680.85 crore on the back of high net interest earnings. Net gain was, but lower than the 2,073.4 crore anticipated by 22 analysts polled by Bloomberg. Net interest income grew 15 percent to Rs 6,453 crore in the third quarter this fiscal, the bank said in a stock exchange filing.
Net interest income, or the difference between interest earned on loans which paid on deposits, climbed 15.16percent to $6,452.98 crore from $5,603.67 crore in the corresponding period this past year.
Net non-performing assets (NPAs) stood at 2.09 percent of their net advances as on December 31, 2019down 2.36 percent in the end of December 2018.
Provisions throughout the quarter increased 13.6percent to $3,470.92 crore as against $3,054.51 crore from the year-ago quarter. At the July-September quarter, the bank had put aside $3,518.39 crore in provisions.
In line with the lender, recoveries and updates out of NPAs through the quarter stood at Rs 2,422 crore, while write-offswere at Rs 2,790 crore.