Axis Bank Q3FY23 PAT at Rs. 5,853 crores, up 62% YOY
Axis Bank, India’s third-largest private sector bank announced its Q3FY23 results today, reporting net profit of Rs. 5,853 crores, as compared to Rs. 3,614 crores in Q3FY22. The Bank’s Net Interest Income (NII) grew 32% YOY and 11% Q-on-Q to Rs. 11,459 crores in Q3FY23 from Rs. 8,653 crores in Q3FY22. Its Net interest margin (NIM) for Q3FY23 stood at 4.26%, which is improved by 73 bps YOY and 30 bps QoQ. On QAB basis, CASA grew up 10% YoY and 4% QoQ, whereas CASA ratio stood at 44% which is up by 18 bps YOY. As on 31st December 2022, the Bank’s reported Gross NPA and Net NPA levels at 2.38% and 0.47%. The Bank’s fee income for Q3FY23 grew by 23% YoY to Rs. 4,101 crores. Retail fee grew 30% YOY, constituting 69% of the Bank’s total fee income. Overall capital adequacy ratio (CAR) including profit for 9MFY23 stood at 19.51% with CET 1 ratio of 15.55%
Amitabh Chaudhry, MD&CEO, Axis Bank commented, “In the midst of global uncertainty, India stands as a bright spot offering great stability and opportunities for the economy and businesses. The Banking sector is in a good position to leverage this great momentum built over the last few quarters. Axis Bank has been steadily enhancing its capabilities, buoyed by good business growth and great partnerships. The Citi merger has been shaping very well, and we are extremely happy with the response we are getting from customers and employees alike. We are excited to welcome them all to the Axis family”.