Axis Bank reported a consolidated net profit of ₹7,010.65 crore for the December quarter, marking a 4% increase compared to the same period last financial year. On a standalone basis, net profit rose to ₹6,489.57 crore. Driven by a 14% growth in loans, the bank’s net interest income increased by 5% to ₹14,287 crore. However, the net interest margin declined by 0.29 percentage points to 3.64%. Other income also improved, reaching ₹6,226 crore.
Stating that the bank aims to outperform the overall banking sector’s growth, CEO Amitabh Chaudhry said retail loan growth stood at 6%, while small business loans recorded a strong growth of 22%. Although gross slippages increased, the gross non-performing asset (NPA) ratio improved from 1.46% to 1.4%. CFO Puneet Sharma noted that the impact of the labour code implementation on the bank was minimal, at around ₹25 crore. He also cautioned that the RBI’s recent rate cuts could have some impact on net interest margins going forward.
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