Axen Bank net profit rises by 224 per cent

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Axen Bank net profit rises by 224 per cent

Mumbai India January 24 ANI Axis Bank said its net profit increased by 224 per cent to Rs 3,614 crore during the third quarter of the current financial year, compared to the same quarter last year.

The private lender's net profit has increased by 15 per cent on quarter-on-quarter basis.

The Bank's Net Interest Income NII grew by 17 per cent year-on-year and 10 per cent quarter-on-quarter to Rs 8,653 crore. Net interest margin NIM for the third quarter of 2021 -- 22 was improved by 14 bps quarter-on-quarter to 3.53 per cent.

The Bank's Net Interest Income rose to Rs 24,313 crore in the first three quarters of 2021-22, a gain of 12 per cent year-on-year.

Fee income grew 26 per cent year-on- year to Rs 9,242 crore for the period from April-December 2021 to Rs 9,242 crore. During the first three quarters of the current financial year, operating profit increased by 5 per cent to Rs 18,276 crore from Rs 17,391 crore in the previous year.

As part of our digital strategy, we focus on OPEN' Banking initiatives to enhance user experience by constant innovation in our offerings to retail and corporate banking customers, Amitabh Chaudhry, MD and CEO, Axis Bank, said in a statement.

Our integrated 'One Axis approach has supported many companies, some of which have figured in the 2021 Burgundy Private Hurun India 500 List, launched last month. We continue to focus on growth in retail, with the economy turning around and the impact of the virus. He said that we are optimistic about the future and plan to leverage every sustainable growth opportunity that is available to us.

As of 31 December 2021, the Bank's Gross NPA and Net NPA levels were 3.17 per cent and 0.91 per cent, respectively, as against 3.53 per cent and 1.08 per cent as on 30th September 2021.