Axis Bank has reported a net profit of Rs 6,071 crore for the October-December quarter of the financial year 2023-24, indicating a 4 percent increase compared to the corresponding period in the previous year.
The net profit of Rs 6,071 crore falls slightly short of the market estimate of Rs 6,114 crore.
The net interest income (NII), representing the variance between interest earned from lending activities and interest paid to depositors, was recorded at Rs 12,532 crore, closely aligning with the market estimate of Rs 12,555 crore.
In the course of the quarter, the bank implemented a provision on its entire alternative investment funds (AIF), totaling Rs 182 crore. The net interest margin (NIM) for the quarter was 4.01 percent.
Axis Bank’s gross non-performing asset (NPA) registered at 1.58 percent, marking a decrease from the 2.38 percent reported in the same quarter the previous year. Conversely, the net NPA for the quarter remained steady at 0.36 percent on a year-on-year basis.
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