India’s third largest private bank, Axis Bank released its Q3 report on Monday, with it seeing a considerable jump in its performance. While net profits jumped by 25 per cent compared to Q3 last year, the net interest income also saw a 9 per cent YoY growth.
Net profit for the quarter ending December 2017 stood at Rs.726 crore. Experts had initially predicted this to be around Rs.800 crore. The profit for Q3 last year was Rs.580 crore.
Net profit for Q2 stood at Rs.432 crore, taking the net profit for the three quarters to Rs.2,464 crore.
In addition to the net profit, Axis Bank also saw an increase in its balance sheet, which stood at Rs.6,43,938 crore as of December 31, 2017.
In another positive, there was a decline in the gross non-performing assets of the bank, which fell by 0.62 per cent to 5.28 per cent for the quarter.
The income generated by way of fees also saw an increase, with it being Rs.2,246 crore.
With regards to loans, there was an increase in retail, SME as well as corporate loans. While retail loans saw a 29 per cent increase, SME loans and corporate loans saw an increase of 27 per cent and 12 per cent respectively.
Shares of Axis Bank jumped following this announcement, with them trading at Rs.611.30 as of the afternoon, an increase of 3.57 per cent.
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