Left Menu
Development News Edition

Axis Bank posts two fold jump to end at profit of Rs. 1,680 crore in December


Axis Bank posts two fold jump to end at profit of Rs. 1,680 crore in December

Private sector lender Axis Bank Tuesday reported over two-fold jump in net profit to Rs 1,680.85 crore for the third quarter ended December 31. The bank had posted a net profit of Rs 726.44 crore in the corresponding period of the previous fiscal.

The net interest income grew 18 percent to 5,604 crore in the third quarter this fiscal. Total income during the quarter under review rose to Rs 18,130.42 crore as against Rs 14,314.63 crore in the year-ago period, Axis Bank said in a regulatory filing.

Net non-performing assets (NPAs) stood at 2.36 percent of the net advances as on December 31, 2018, down from 2.56 percent by the end of December 2017. Gross NPAs (or bad loans), however, worsened to 5.75 percent of the gross advances, up from 5.28 percent a year ago.

In value terms, the gross NPAs stood at Rs 30,854.67 crore in December quarter as against Rs 25,000.51 crore in the same period previous year. Net bad loans were Rs 12,233.29 crore as against Rs 11,769.49 crore. The bank said it has witnessed healthy loan growth during the quarter, with domestic loan rising by 18 percent year-on-year; while retail loan book grew by 20 percent. Its retail advances constitute 49 percent of the total advances, Axis bank said.

(With inputs from agencies.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

How can technology help the future of mobility?

More than a billion people or one-third of the global rural population lacked access to all-season roads and transport services in 2016, subsequently hindering the socio-economic development....

Videos

Latest News

Netanyahu says Israeli airliners have started overflying Sudan

Israeli commercial planes have started overflying Sudan, Prime Minister Benjamin Netanyahu said on Sunday, casting the new air corridor as the result of a breakthrough meeting with the African Muslim countrys de-facto leader this month. Kha...

Internet coalition asks Pakistan to revoke new social media rules

The Asia Internet Coalition has urged the Pakistan government to revoke its newly-approved social media rules, warning that such regulations to control cyberspace will make it extremely difficult for companies to operate and cripple the cou...

UN's Guterres calls for 'transformational change' on climate

Governments must deliver decisive actions and transformational change to combat global warming, UN Secretary-General Antonio Guterres said Sunday, blasting a recent climate summit in Madrid. The so-called COP25 climate talks in the Spanish ...

BRIEF-Lawmaker Olivier Veran Named French Health Minister To Replace Agnes Buzyn Who Will Run For Paris Mayor

Feb 16 Reuters - LAWMAKER OLIVIER VERAN NAMED FRENCH HEALTH MINISTER TO REPLACE AGNES BUZYN WHO WILL RUN FOR PARIS MAYOR - FRENCH PRESIDENCY Source text for Eikon Further company coverage ...

Give Feedback