Axis Bank net profit up 70%

Axis Bank has reported a net profit of Rs 5,329 crore for the September quarter — an increase of 70% over the year-ago period. The profits were driven by an improvement in asset quality that led to lower provisions. On a consolidated basis, net profit was up over 66% at Rs 5,625 crore. Outstanding deposits stood at Rs 8.1 lakh crore, up 10% from the year-ago period, while advances at Rs 7.3 lakh crore were up 17.7%.

Slippages during the quarter were Rs 3,383 crore as compared to Rs 5,464 crore a year ago. Overall provisions declined to Rs 549 crore compared to Rs 1,735 crore to the previous year.

Fresh slippages declined to Rs 3,383 crore as against Rs 5,464 crore in the year-ago period. The bank said that over Rs 700 crore of these came from a low-rated portfolio flagged earlier.

This resulted in overall provisions declining sharply to Rs 549 crore from Rs 1,735 crore in the year-ago period, which helped the bank’s bottom line.