 "Axis Bank")
Private lender Axis Bank on Monday reported 224% jump in standalone net profit at Rs 3,614 crore for the quarter ending December 31, 2021 on strong growth performance across deposits and loans, improving asset quality. The lender reported net profit of Rs 1,117 crore in the year-ago period.
The bank’s net interest income (NII) grew 17% YoY to Rs 8,653 crore. Net interest margin (NIM) for Q3FY22 improved by 14 bps QoQ to 3.53%.
Interest earned increased to Rs 17,261 crore as compared to Rs 15,426 crore in Q3FY21.
Provisions and contingencies fell significantly to Rs 1,335 crore as against
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