Axis Bank's Steady Profit Rise in Q3

Axis Bank reported a 4% increase in standalone net profit to Rs 6,304 crore for Q3 of 2024, from Rs 6,071 crore year-on-year. Total income rose to Rs 36,926 crore. Net Interest Income grew by 9%, while gross NPA decreased to 1.46%. However, provisions and contingencies doubled to Rs 2,156 crore.

Axis Bank announced a 4% rise in its standalone net profit, reaching Rs 6,304 crore for the third quarter ending December 31, 2024. This growth compares to a net profit of Rs 6,071 crore in the corresponding period of the previous year.

The bank's total income also saw an increase, rising to Rs 36,926 crore from Rs 33,516 crore compared to the last fiscal year's identical quarter. The significant rise comes amid a robust gain in interest income, which climbed to Rs 30,954 crore from Rs 27,961 crore.

Notably, Axis Bank's Net Interest Income (NII) experienced a 9% surge to Rs 13,606 crore year-on-year. While the gross Non-Performing Asset (NPA) moderated to 1.46%, provisions and contingencies witnessed a substantial rise, amounting to Rs 2,156 crore from Rs 1,028 crore in the third quarter of the previous financial year.

(With inputs from agencies.)