Axis Bank Q3 net up 224% to Rs 3,614 cr on better interest margins

Private sector lender Axis Bank’s net profit rose by 224 per cent at Rs 3,614 crore for the third quarter ended December 2021 (Q3FY22) on improvement in net interest margin and other income.

The net profit was Rs 1,117 crore in Q3FY21. Sequentially, net profit rose by 15 per cent from Rs 3,133 crore in the second quarter ended September 2021 (Q2FY22).

The stock closed 1.16 per cent lower at Rs 704.35 per share on BSE.

Net Interest Income (NII) rose by 17 per cent year-on-year to Rs 8,653 crore in Q3FY22. Sequentially, NII grew by 10 per cent from Rs 7,901 crore in Q2FY22.

Its net interest margin (NIM) rose by two basis points YoY basis at 3.53 per cent in Q3FY22. Sequentially, rise in NIM was 14 bps over Q2FY22.

The non-interest Income rose by 31.14 per cent to Rs 3,840 crore in Q3FY22 from Rs 2,928 crore in Q3FY21. Sequentially, it rose marginally from Rs 3,798 crore in the quarter ended September 2021 (Q2Y22).

Its gross advances grew by 17 percent (yoy) to Rs 6.64 trillion in Q3FY22 as against Rs 5.69 crore in Q3FY21. Retail credit rose 18 per cent YoY and SME credit by 20 per cent YoY.

Amitabh Chaudhry, managing director and chief executive said the outlook is positive and the bank expects to grow its loan book at five-six per cent higher than the banking industry growth. The commercial bank credit rose by 9.2 per cent (YoY) at the end of December 2021, according to Reserve Bank of India data.

The total deposits increased by 20 per cent to Rs 7.71 trillion in Q3FY22 from Rs 6.41 trillion a year ago.

Its provisions declined sharply at Rs 1,337 crore in Q3FY22, from Rs 3,757 crore in Q3FY21. Sequentially also provisions were down from Rs 1,735 crore in Q2 FY22.

Bank officials in a media call said the moderation in credit costs, amounts set aside as provisions, is expected to continue as lumpy exposures are behind us.

The Provision Coverage Ratio (PCR) stood at 89 per cent in December 2021 up from 87 per cent a year ago and 88 per cent as of September 2021.

According to a filing with BSE, its Gross non-performing assets (NPAs) declined to 3.17 per cent in December 2021 from 3.44 per cent in December 2020 and 3.53 per cent in September 2021. The Net NPA stood at 0.91 per cent in December 2021 from 0.74 per cent a year ago. But they declined from 1.08 per cent in September 2021.

Its Capital adequacy ratio stood at 18.72 per cent with common equity tier I of 15.33 per cent in December 2021.

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