Axis Bank Q3 profit rises 4% to ₹7,010.65 crore

Axis Bank on Monday reported a 4 per cent growth in its December quarter net profit to Rs 7,010.65 crore against Rs 6,742.99 crore in the year-ago period.

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On a standalone basis, the third-largest private-sector lender's net profit for the October-December period increased to Rs 6,489.57 crore from Rs 6,303.77 crore in the year-ago period.

The bank's core net interest income grew by 5 per cent to Rs 14,287 crore, helped by a 14 per cent loan growth but restricted by a 0.29 per cent compression in the net interest margin at 3.64 per cent.

Its chief executive and managing director Amitabh Chaudhry said that Axis Bank’s ambition remains unchanged, and the lender wishes to outpace the system growth in a sustainable manner.

The retail loans grew by just 6 per cent on-year during the reporting period, while the 22 per cent lending to small businesses helped it post handsome loan growth.