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Axis Bank Q3 Net Profit Jumps 62% YoY To Rs 5,853 Crore; NII Up 32%

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Axis Bank on Monday posted a 62 per cent year-on-year (YoY) jump in its net profit to Rs 5,853 crore in the October-December 2022 quarter (Q3 FY23). Sequentially, the lender has posted a 10 per cent increase. The bank’s net interest income (NII) grew 32 per cent YoY and 11 per cent QoQ to Rs 11,459 crore.

Axis Bank’s net interest margin (NIM) for Q3FY23 stood at 4.26 per cent, up 73 bps YoY and 30 bps QoQ, according to a regulatory filing.

Amitabh Chaudhry, MD & CEO of Axis Bank, said, “In the midst of global uncertainty, India stands as a bright spot offering great stability and opportunities for the economy and businesses. The banking sector is in a good position to leverage this great momentum built over the last few quarters.”

He added that axis Bank has been steadily enhancing its capabilities, buoyed by good business growth and great partnerships. The Citi merger has been shaping very well, and Axis Bank is happy with the response it is getting from customers and employees alike.

Axis Bank’s operating profit for Q3FY23 grew 51 per cent YOY and 20 per cent QOQ to Rs 9,277 crore. Its core operating profit for the quarter grew 53 per cent YoY and 13 per cent QoQ to Rs 8,850 crore. Net profit at Rs 5,853 crore in Q3FY23 grew 62 per cent YoY and 10 per cent QoQ.

On the asset quality front, Axis Bank reported decline in Q3 FY23. As on December 31, 2022, the bank’s reported gross NPA and net NPA levels were 2.38 per cent and 0.47 per cent, respectively, as against 2.50 per cent and 0.51 per cent as on September 30, 2022.

As on December 31, 2022, Axis Bank’s provision coverage, as a proportion of gross NPAs stood at 81 per cent, as compared with 72 per cent as at December 31, 2021, and 80 per cent as at September 30, 2022.

As on December 31, 2022, Axis Bank’s capital adequacy ratio (CAR) and CET1 ratio including profit for 9MFY23 was 19.51 per cent and 15.55 per cent, respectively. Additionally, the bank held Rs 5,012 crore of COVID-19 provisions, not considered for CAR calculation, providing cushion of 55 bps over the reported CAR.

As on December 31, 2022, Axis Bank had a network of 4,849 domestic branches and extension counters situated in 2,734 centres compared to 4,700 domestic branches and extension counters situated in 2,665 centres as at December 31, 2021. As on December 31, 2022, the bank had 15,674 ATMs and cash recyclers spread across the country.

Axis Bank’s wealth management business is among the largest in India with assets under management (AUM) of Rs 2,83,762 crore as at end of December 31, 2022. Burgundy Private, the bank’s proposition for high and ultra-high net worth clients, covers 4,417 families, up from 3,209 families in last one year. The AUM for Burgundy Private increased 22 per cent YoY to Rs 98,964 crore.

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