India’s third-largest private sector lender Axis Bank has posted a 36% rise in net profit for the three month period to end September of INR4.32bn ($66.64m)
But a sharp deterioration in Axis’ lending book resulted in the shares dropping by 9% on release of its second quarter earnings.
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It ended the quarter with gross non-performing assets of 5.9% against 4.17% in the year ago quarter; the bank’s net NPA rose to 3.12% from 2.02%.
On a more positive e note, highlights included:
- CASA deposits grew by 24% year-on-year and constituted 50% of total deposits;
- Retail loans grew by 23% year-on-year and accounted for 45% of net advances, and
- Mobile banking spends grew 78% YOY while card spends grew by 67% YOY.
During the past quarter Axis added 100 branches to its network to end the quarter with 3,485 domestic branches.
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