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Private sector Axis Bank has made strong profits in the third quarter of the current financial year. Axis Bank has made a profit of Rs 5,853.1 crore in the October-December 2022 quarter. Axis Bank’s profit has increased by 62% on an annual basis. Axis Bank had a profit of Rs 3,614 crore in the December quarter of the last financial year. In the second quarter of the current financial year, the private sector bank had a net profit of Rs 5,330 crore.
Net interest income of the bank stood at Rs 11,459 crore.
Although there has been a sharp jump in the bank’s provisions on a quarterly basis in the October-December 2022 quarter, there has been a further improvement in asset quality. In the third quarter of the current financial year, Axis Bank’s net interest income has increased by 32.4% year-on-year to Rs 11,459 crore. In the December quarter of FY2023, Axis Bank’s provisions and contingencies have increased by about 8% year-on-year to Rs 1,438 crore.
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Bank’s asset quality improved in the December quarter
The asset quality of Axis Bank has improved in the December quarter of the current financial year, both on a yearly and quarterly basis. Axis Bank’s gross non-performing assets ratio stood at 2.38 per cent in the December 2022 quarter. It was 3.17 per cent in the same period a year ago. Whereas, the gross non-performing ratio was 2.50% in the previous quarter. In addition, the net non-performing ratio has come down to 0.47% in the December 2022 quarter. It was 0.91 per cent in the same period a year ago, while it stood at 0.51 per cent a quarter ago.
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Bank shares rose 29% in 6 months
Axis Bank shares have gained about 29% in the last 6 months. At the same time, in the last 1 year, the shares of private banks have gone up by about 33%. The 52-week high level of Axis Bank shares is Rs 970.45. At the same time, the 52-week low level of the bank’s shares is Rs 618.10. Axis Bank shares closed at Rs 933.35 on January 23, 2023.
Disclaimer: Information about the performance of the stock is given here only, it is not an investment advice. Investment in share market is subject to risk and you should consult your advisor before investing.