Axis Bank Q3 net profit up by 5% year-on-year at Rs 1757 cr
Axis Bank net interest income went up 15% on-year to Rs 6453 cr and its Net Interest Margin (NIM) was up by almost 3.6%
Private lender Axis Bank on Wednesday posted a net profit of Rs 1757 cr for the quarter ended 31 December 2019, which was up by 5% year-on-year (YOY), the company said in an exchange filing. Axis Bank's net interest income went up 15% on-year to Rs 6453 cr and its Net Interest Margin (NIM) was up by almost 3.6%.
The operating profit for the Q3 quarter stood at Rs 5743 cr which grew by 22% YOY.
Axis Bank in the exchange filing claimed the quality of its assets metrics to be "largely stable". Specific loan loss provisions were down 12% YOY. Slippages from the loan book were Rs 5124 crores. In addition, slippages from the Investment book were at Rs 1090 cr, largely from one Housing Finance Company account, the release said. Gross corporate slippages for the quarter (including investment portfolio) stood at Rs 3891 cr, of which 81% came from clients previously rated BB and below.
The loan book grew by almost Rs 28500 crores quarter-on-quarter (QOQ)o with domestic loan growth standing at 18% YOY. The retail loan book grew 25% YOY, the domestic corporate book grew 16% YOY.
Total deposits of Axis Bank grew 21% YOY (quarterly average basis) where Savings Accounts grew by 12% (quarterly average basis). CASA and Retail Term Deposits (RTD) together were up 21% YOY on the QAB basis.
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The Bank added 131 branches to its domestic network. Expect to add a total of 550 branches during the year, the release said.
The retail business momentum remains strong company said adding that the retail advances accounted for 53% of Net Advances.
Axis Bank's YOY credit card spending grew by 22% taking the overall mobile banking expenditure growth to 56%. Its market share in UPI transactions stood at 14% for Q3FY20 while the quarterly transactions going up 110% YOY.
The Bank’s Capital Adequacy Ratio (CAR) remains strong, the release said adding that the Common Equity Tier 1 ratio stood at 14.33% compared to 14.04% at the end of Q2FY20.
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