Axis Bank Q3 Profit Rises 3% to Rs 6,490 Crore on Fee Gains, Sequential Rebound

Overview

• Standalone profit after tax increased 3% year-on-year to Rs 6,490 crore and jumped 27% from the previous quarter on improved operations.
• Net interest income reached Rs 14,287 crore with net interest margin at 3.64%, and the bank guided to further NIM pressure post the December policy move.
• The balance sheet and total deposits expanded about 15% year-on-year, advances grew roughly 14%, and fee income rose 12% to Rs 6,100 crore.
• New slippages were Rs 6,003 crore even as the gross NPA ratio improved to 1.40%, with provisions at about Rs 2,246 crore and an aggregate coverage of 146% of gross NPAs.
• Retail loan growth slowed to 6% year-on-year due to loan-book recalibration while retail disbursements rose over 20%, and shares gained about 4% as several brokerages turned or stayed positive.