Axis Bank announced its July-September quarter results on Tuesday, reporting its highest-ever quarterly profit at Rs 3,133 crore on a standalone basis, compared to Rs 1,682.67 crore in the corresponding period last year, marking a growth of 86 per cent year-on-year. This was the highest ever quarterly profit for the bank, according to a regulatory filing by Axis Bank to the stock exchanges today.
The leading private lender’s operating profit for the second quarter of the current fiscal stood at Rs 5,928 crore, and the core operating profit was Rs 5,456 crore, according to its statement. The bank’s net interest income (NII) grew per cent year-on-year to Rs 7,900 crore from Rs 7,326 crore in the corresponding period last year. The net interest margin in the September quarter stood at 3.39 per cent.
Axis Bank’s gross non-performing assets (NPA) and net NPA levels stood at 3.53 per cent and 1.08 per cent respectively, compared to 3.85 per cent and 1.20 per cent in the preceding April-June quarter. The gross slippages during the September quarter were Rs 5,464 crore, compared to Rs 6,518 crore during the preceding June quarter and Rs 1,751 crore in the year-ago period.
The bank’s loan book growth during the September quarter stood at 10 per cent year-on-year, driven by focused business segments. Segment wise, retail loans rose 16 per cent year-on-year and four per cent sequentially, while SME loans grew 18 per cent compared to the year-ago period.
Axis Bank crossed 1.9 million customers on WhatsApp banking within nine months of launch. The bank partnered with BharatPe to expand its merchant acquiring business and launched a wide range of open API or application programming interface banking solutions, according to its statement.
On Tuesday, October 26, shares of Axis Bank settled 0.33 per cent lower at Rs 842.25 apiece on the BSE. Axis Bank opened on the BSE at Rs 849.70, touching an intra day high of Rs 851.70 and an intra day low of Rs 824, throughout the trading session today.