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Axis Financial institution Q3 outcome: Internet revenue up 3.7% to Rs 6,071 cr, NII at Rs 12,532 cr Specific Occasions

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Axis Financial institution’s NPAs proceed to be wholesome

Personal lender Axis Financial institution on Tuesday reported a 3.7 per cent bounce in its web revenue within the quarter that ended on December 31, 2023, at Rs 6,071 crore as in comparison with Rs 5,853.07 crore a 12 months in the past. 

Axis Financial institution’s web curiosity earnings (NII) grew 9 per cent year-on-year (YOY) and a pair of per cent quarter-on-quarter (QOQ) to Rs 12,532 crore. Its Internet curiosity margin (NIM) for Q3FY24 stood at 4.01 per cent. NII is the distinction between the curiosity earned from lending and the curiosity paid.

The financial institution’s non-performing belongings (NPAs) continued to remain wholesome. Axis Financial institution’s gross NPAs fell to 1.58 per cent within the quarter from 1.73 per cent within the earlier quarter. Its web NPAs, nonetheless, remained the identical at 0.36 per cent within the quarter. 

On a year-on-year (YoY) foundation, the gross NPAs had been down 80 foundation factors from 2.38 per cent. The online NPAs had been down 11 foundation factors from 0.47 per cent. 

On the finish of the quarter, the financial institution’s provisions stood at Rs 1,028.34 crore. It was greater than Rs 814.56 crore within the earlier quarter. 

Within the first 9 months of FY24, the online curiosity earnings (NII) of the third-largest non-public financial institution in India rose 18 per cent YoY to Rs 36,805 crore from Rs 31,204 crore in FY23. 

Throughout the 9 months, the online revenue grew 16 per cent to Rs 17,732 crore from Rs 15,308 crore in 9MFY23. The working revenue rose 16 per cent to Rs 26,587 crore from Rs 22,881 crore in 9MFY23. 

Within the first 9 months, the full provisions stood at Rs 2,878 crore, up 23 per cent YoY. 

On Tuesday, the shares of Axis Financial institution closed 2.84 per cent within the pink at Rs 1,088.90 apiece on BSE. 

First Printed: Jan 23 2024 | 4:29 PM IST

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