Axis Bank Surges with Substantial Q3 Profit Growth

Shares of Axis Bank soared over 4% following a significant quarterly net profit increase of 19.29%. The third largest private lender's earnings were bolstered by a 9% growth in net interest income and a 34% rise in non-interest income, despite challenges in unsecured lending.


Devdiscourse News Desk | New Delhi | Updated: 18-10-2024 10:28 IST | Created: 18-10-2024 10:28 IST
Axis Bank Surges with Substantial Q3 Profit Growth
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On Friday, Axis Bank's shares experienced a significant boost, climbing over 4% as the company reported a 19.29% rise in net profit for the September quarter. The stock hit Rs 1,178.75 on the BSE, marking it as the top gainer among BSE Sensex firms.

Axis Bank, India's third largest private sector lender, saw its standalone net profit grow by 18% to Rs 6,917.57 crore in the July-September quarter of FY2024-25. Net interest income rose 9% to Rs 13,483 crore, with net advances growing by 11%. However, the net interest margin narrowed slightly by 0.12% to 3.99%.

Non-interest income surged 34% to Rs 6,722 crore, significantly driven by a Rs 1,111 crore gain in trading income. The bank reported 14% growth in total deposits but stated it isn't relying on price as a lever to attract liabilities. Total income for the quarter under review increased to Rs 37,142 crore from Rs 31,660 crore the previous year.

(With inputs from agencies.)

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