Axis Bank’s Q3 net profit takes a tiny leap of ~4%

17 Jan 2025 , 10:26 AM

Axis Bank Limited, the private sector lender, announced its results for the quarter ending December 2024 on January 16, 2024. The company has reported a timid growth of 4% in its net profit at ₹6,304 Crore. The net profit, however, managed to surpass the street estimate of ₹6,284 Crore.

In a major setback, the company’s advances and deposits witnessed the slowest growth in over 15 quarters.

The lender announced a 9% y-o-y growth in its deposits at ₹10.95 Lakh Crore, adding a marginal 0.84% over the last quarter. Advances grew by 8.8% against ₹10.14 Lakh Crore in the previous corresponding period.

Its Net Interest Income was reported at ₹13,606 Crore in Q3FY25, missing street estimates of ₹13,677.30 Crore. However, experts believe that the overall performance indicates a stable growth for the company.

Axis Bank also announced a surge in its Q3 operating profit. In Q3, the bank’s operational profit was ₹10,534 Crore, up 15% from the previous year.

Core operating profit increased by 14% year-on-year to ₹10,102 Crore. Operating costs increased at a significantly slower rate, witnessing growth of only 1% y-o-y in Q3FY25, versus a 9% rise in Q2FY25.

On the assets side, the bank witnessed a marginal jump in Gross and Net NPA ratios. Gross NPA came in at 1.46%, whereas, Net NPA stood at 0.35%. 

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