- Axis Bank's gross advances rose 6.3% sequentially to Rs 12.4 lakh crore in Jan-April
- Total deposits increased 6% sequentially and 13.9% year-on-year to Rs 13.4 lakh crore
- CASA deposits rose 7.3% sequentially to Rs 5.3 lakh crore
Axis Bank's gross advances rose 6.3% sequentially to Rs 12.4 lakh crore in January-April, according to provisional numbers disclosed by the lender on Sunday. On a year-on-year basis, it advanced by 18.4%.
The bank's total deposits were also up, as they rose 6% sequentially and 13.9% on-year to Rs 13.4 lakh crore.
The current account and savings account, or CASA deposits rose 7.3% sequentially to Rs 5.3 lakh crore. However, it rose 10.6% year-on-year.
Axis Bank Q3 Performance
Axis Bank reported a 2.9% rise in net profit for the December quarter, while asset quality improved on a sequential basis.
Profit rose to Rs 6,490 crore in Q3 from Rs 6,304 crore a year earlier, according ot its notification to the exchanges on Monday. The anallsyts consensus estiamte for the profit tracked by Bloomberg stood at Rs 6,708 crore.
ALSO READ: Axis Bank Q3 Results: Profit Meets Estimates, Asset Quality Improves
Gross non-performing assets declined to 1.4% from 1.46% in the previous quarter, below estimates of 1.5%. Net non-performing assets eased to 0.42% from 0.44% quarter on quarter, close to estimates of 0.4%. Net interest income rose 5% to Rs 14,287 crore from Rs 13,606 crore a year earlier, while the net interest margin stood at 3.64%. Provisions rose 4.2% year on year to Rs 2,246 crore from Rs 2,156 crore.
Advances in the third quarter grew 14% year on year and 4% quarter on quarter to Rs 11.59 lakh crore. Retail loans increased 6% year on year, with secured loans accounting for 73% of the book, including 26% home loans. SME advances rose 22% year on year, while corporate loans increased 27%, with 90% rated A- and above.
Shares of Axis Bank on Thursday closed 0.42% higher at Rs 1,198.1 apiece on the NSE, compared to 0.15% rise in the benchmark Nifty 50. The markets were closed on Friday.
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