Axis Bank, one of the leading private lenders, announced its financial results for the third quarter ended December 31, 2022 (Q3FY23). Bank reports robust 62% year-on-year growth in net profit 5,853.1 crore in Q3FY23. However, in the quarter, the bank’s provisions grew faster on a quarter-on-quarter basis, but asset quality improved further.
During the second quarter, Axis Bank posted a net profit 5,330 crore up 70% YoY, and Net Interest Income (NII) up 10,360 crore growing by 31% YoY. The Net Interest Margin (NIM) for Q2FY23 stood at 3.96%, up 57 YOY and 36 QOQ. dropped provisions up to 550 crores, against 1,735 crore a year ago. Meanwhile, asset quality improved with the gross non-performing asset ratio declining to 2.5% by September 30, 2022 from 2.76% a quarter ago and 3.53% a year ago.
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