Axis Bank net profit jumps 70 pc at Rs 5,330 crore in July-Sep quarter

New Delhi: Axis Bank on Thursday reported a jump of 70 per cent in its standalone net profit at Rs 5,329.77 crore in the quarter that ended September 2022 on healthy core income aided by trimming of bad loans.

The country's third largest private sector lender posted a net profit of Rs 3,133.32 crore in the year-ago same quarter that ended September 2021.

Total income on a standalone basis rose to Rs 24,180 crore in the September quarter of 2022-23 as against Rs 20,134 crore in the same period of 2021-22, Axis Bank said in a regulatory filing.

Of this, the interest income during the quarter stood at Rs 20,239 crore, up by 24 per cent from Rs 16,336 crore.

On the asset front, there was an improvement with the gross non-performing assets falling to 2.50 per cent of the gross advances as of September 30, 2022, from 3.53 per cent in the year-ago same period.

Net NPAs (bad loans) slid to 0.51 per cent from 1.08 per cent.

Bank's provisioning for bad loans and contingencies was thus brought down to Rs 549.78 crore for the July-September quarter of FY23 from Rs 1,735 crore put aside by the lender for the same period of the previous fiscal.

The stock of Axis Bank closed at Rs 826.20 apiece on BSE, down by 0.42 per cent.