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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData