Axis Bank on Monday reported 25.34 per cent rise in net profit to Rs 726.44 crore for the December quarter of the current fiscal even as its total income declined marginally.
The private sector lender had reported a net profit of Rs 579.57 crore in the October-December quarter of the last fiscal, 2016-17.
The bottom line improved mainly on account of lower “provisions (other than tax) and contingencies (net)”, which fell to Rs 2,811.04 crore in the December quarter of 2017-18.
It stood at Rs 3,795.8 crore in the year-ago period.
As per its stock exchange filing, Axis Bank’s total income in the third quarter of the current fiscal slipped to Rs 14,314.6 crore, from Rs 14,501.21 crore in the year-ago period.
The bank’s gross non performing assets (GNPAs) were 5.28 per cent during the quarter under review, compared to 5.22 per cent a year ago.
Net NPAs increased to 2.56 per cent, compared to 2.18 per cent during the period.
“The bank’s Balance Sheet grew 11 per cent YOY (year-on- year) and stood at Rs 6,43,938 crore as on December 31, 2017,” said the filing.
Bank’s net interest income for the third quarter of the current fiscal grew 9 per cent year-on-year.
Its advances grew 21 per cent YOY to Rs 4,20,923 crore as on December 31, 2017 and retail loans grew 29 per cent to Rs 1,93,296 crore.
“Corporate credit grew 12 per cent YOY to Rs 1,72,743 crore and accounted for 41 per cent of net advances. Corporate loan growth was led by 49 per cent growth in working capital loans,” the bank said.
During the latest quarter, the bank added 105 branches to its network across the country. At December-end, it had a network of 3,589 domestic branches and extension counters situated in 2,082 centres.
Axis Bank’s scrip was trading at Rs 618.45 a share on BSE, up 4.78 per cent.