Axis Bank Q3 net profit declines 36% to Rs 1,116 crore, NII grows 14%

The lender's gross NPAs declined to 3.44 per cent from 4.18 per cent in September quarter (Q2FY21) . Net NPAs stood at 0.74 per cent

Private lender Axis Bank reported a net profit of Rs 1,116 crore for the quarter ending December 2020 (Q3FY21), a decline of 36 per cent year-on-year from Rs 1,756.9 crore during the same period a year ago (Q3FY20). The profit was Rs 1,682.7 crore in the September quarter of FY21 (Q2FY21).

The Mumbai-based lender's net interest income (NII), the difference between interest earned and interest the bank pays out, grew 14 per cent year-on-year to Rs 7,373 crore for the period under review. NII was Rs 6,452.98 crore during the same period a year ago (Q3FY20). NIM stood at 3.59