Axis Bank, on Thursday, reported a net profit of Rs.1,604 crore for the third quarter ended December 31, 2013, up 19 per cent compared to Rs.1,347 crore recorded in the corresponding period in the previous year.
Net profit for the nine month period of the current fiscal rose to Rs.4,375 crore from Rs.3,624 crore in the year-ago period, a growth of 21 per cent.
Operating profit for the first nine months was Rs.8,208 crore against Rs.6,503 crore. In the third quarter of the current fiscal, the operating profit has risen to Rs.2,615 crore from Rs.2,362 crore in the third quarter of the previous fiscal.
Net interest income (NII) rose 25 per cent year-on-year to Rs.8,786 crore during the nine month period from Rs.7,002 crore. NII for the third quarter rose by 20 per cent year-on-year to Rs.2,984 crore from Rs.2,495 crore.
The bank recorded a net interest margin (NIM) of 3.71 per cent in the third quarter against 3.57 per cent.
Other income for the first nine months grew 14 per cent and stood at Rs.5,192 crore as against Rs.4,544 crore.
During the quarter under review, other income grew 2 per cent year-on-year to Rs.1,644 crore while fee income grew 4 per cent to Rs.1,456 crore.
As on December 31, 2013, gross non-performing assets (NPAs) and net NPAs stood at 1.25 per cent and 0.42 per cent, as against 1.19 per cent and 0.37 per cent respectively as on September 30, 2013.
