Mumbai: Private lender Axis Bank Wednesday reported a 15 percent rise in net profit at Rs 2,175 crore for the December quarter. It posted a net profit of Rs.1,899.76 crore in the year ago quarter.
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The bank’s provision coverage, as a proportion of gross NPAs, including prudential write-offs, was 72 per cent. The provision coverage before accumulated write-offs was 82 per cent as on December 31, 2015.
Net interest income for the bank grew by 16 per cent to Rs 4,162 crore during Q3FY16 from Rs 3,590 crore in Q3FY15.
Its net non-performing assets also jumped to 0.75 percent, from the earlier 0.44 percent.
The bank’s balance sheet grew 18% y-o-y and stood at R4.96 lakh crore as on December 31, 2015.
Other income stood at Rs2,337.78 crore in the three month period, up 14.6 per cent from a year ago, the bank said in a press release.
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Advances grew 21% on a year-on-year basis to R3.15 lakh crore aided by a strong growth in retail advances which rose by 27% y-o-y to R1.25 lakh crore. The asset quality worsened due to the bank taking into account the full impact of the asset quality review conducted by the Reserve Bank of India in the third quarter. 65 on the BSE, down 1.13 per cent from its previous close. During the quarter, fresh slippages into NPA stood at Rs 2,082 crore.
