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.
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