Total income in the third quarter rose by 15% YoY to Rs 21,101 crore. The bank's operating profit for the quarter grew 17% YoY and 4% QoQ to Rs 6,162 crore. Net interest income (NII) grew 17% YoY and 10% QoQ to Rs 8,653 crore. Net interest margin (NIM) for Q3 FY22 improved by 14 bps QoQ to 3.53%. Non-interest income (comprising of fee, trading profit and miscellaneous income) for Q3 FY22 stood at Rs 3,840 crore, up 31% YoY and 1% QoQ. Provisions (excluding provision for tax) declined by 64% to Rs 1,335 crore in Q3 FY22 from Rs 3,757 crore in Q3 FY21. Provision coverage ratio (including specific + standard + additional + Covid provisions) stood at 130% of GNPA as on 31 December 2021. Specific loan loss provisions for Q3 FY22 were Rs 790 crore as compared to Rs 927 crore in Q2 FY22. The bank holds cumulative provisions (standard + additional other than NPA) of Rs 13,404 crore at the end of Q3 FY22. The net non-performing assets aggregated to Rs 6,513 crore as at 31 December 2021 as against Rs 7,200 crore as at 30 September 2021 and Rs 4,610 crore as at 31 December 2020. The net NPA ratio was 0.91% as at 31 December 2021 as against 1.08% as at 30 September 2021 and 0.74% as at 31 December 2020. Total deposits increased by 20% YoY to Rs 7,71,670 crore as at 31 December 2021. The bank's advances grew 17% YoY to Rs 6,64,866 crore as on 31 December 2021. Amitabh Chaudhry, MD & CEO, Axis Bank said, “As part of our digital strategy, we continue to focus on 'OPEN' Banking initiatives to enhance user experience through constant innovation in our offerings to both Retail and Corporate Banking customers. Our integrated 'One Axis' approach has supported many corporates, some of which have also figured in the 2021 Burgundy Private Hurun India 500 List launched last month. In Retail, we continue our growth focus, with the economy turning around and limited impact of the virus.” Axis Bank is a private sector bank offers the entire spectrum of financial services to customer segments covering large and mid-corporates, MSME, agriculture and retail businesses. As on 31 December 2021, the bank had a network of 4,700 domestic branches and extension counters situated in 2,665 centres along with 11,060 ATMs and 5,943 cash recyclers spread across the country. The scrip fell 1.16% to end at Rs 704.35 on the BSE. Powered by Capital Market - Live News |