Axis Bank reports net profit of Rs 3,382.78 crore for Sep quarter
Axis Bank on Tuesday reported a net profit of Rs 3,382.78 crore on a consolidated basis for the September quarter, driven by lower loan provisions as asset quality improved.
The third largest private sector lender reported a net profit of Rs 3,133.32 crore for the July-September period on a standalone basis, which is its highest ever for any quarter.
Managing director and chief executive Amitabh Chaudhry exuded confidence that the second half will be better as consumer and business confidence is returning on the back of vaccinations and asserted that all the legacy asset quality issues were behind it.
Net slippages declined 82 per cent compared with the preceding June quarter at Rs 707 crore and helped the gross non-performing assets ratio to improve to 3.53 per cent against 4.13 per cent in the year-ago period. Gross slippages during the quarter were Rs 5,464 crore.
Consequently, the overall provisions were also down at Rs 1,735 crore against Rs 4,342 crore in the year-ago period, and none of the over Rs 5,000 crore of Covid provisions were drawn down during the quarter.
Kotak profit flat
Kotak Mahindra Bank Group on Tuesday reported a flat consolidated net income of 2,989 crore for the September quarter against Rs 2,947 crore a year ago, hit by worsening asset quality and higher operational costs, even though subsidiaries reported robust earnings.
On a standalone basis, the fourth largest private sector lender reported a 7 per cent fall in earnings at Rs 2,032 crore from Rs 2,184 crore a year ago on higher credit cost and resultant provisions.
The bank accounted for 68 per cent of the group’s bottomline for the quarter, while the subsidiaries and associates chipped in with the remaining 32 per cent, it said.
Total consolidated income rose to Rs 15,341.65 crore from Rs 13,548.33 crore earlier.
Gross NPAs spiked to 3.19 per cent or Rs 8,564.19 crore, from 2.55 per cent or Rs 6,055 crore a year ago. Net NPAs jumped to 1.06 per cent or Rs 2,897 crore from 0.7 per cent or Rs 1,637 crore.
Bajaj Fin net jumps
Bajaj Finance has reported a 53 per cent jump in consolidated net profit at Rs 1,481 crore for the quarter ended September on healthy interest income. The company had posted a net profit of Rs 965 crore in the same quarter of the previous fiscal.
Total income rose 19 per cent to Rs 7,732 crore during the July-September period of 2021-22, as against Rs 6,520 crore in the same quarter of FY21, Bajaj Finance said in a release. Interest income grew by 16 per cent to Rs 6,687 crore from Rs 5,763 crore.
Central Bank of India on Tuesday reported an over 55 per cent jump in net profit at Rs 250 crore for the September quarter.
The lender had posted a net profit of Rs 161 crore during the same quarter of the previous fiscal.
However, total income was down at Rs 6,503.39 crore from Rs 6,762.36 crore in the year-ago period.
Net interest income rose 5.99 per cent to Rs 2,495 crore, as against Rs 2,354 crore earlier.