Axis Bank Q3 net up 19% at Rs 1,604 crore

Axis Bank on Thursday reported 19 per cent increase in net profit at Rs 1,604 crore (Rs 16.04 billion) for the third quarter ended December 31, 2013-14 fiscal.

The bank had posted net profit of Rs 1,347 crore (Rs 13.47 billion) for the October-December quarter of last fiscal, 2012-13, Axis Bank said in a filing to the BSE.

The total Q3, 2013-14 income of the bank increased to Rs 9,433.55 crore (Rs 94.33 billion), from Rs 8,580.30 crore (Rs 85.8 billion) in the year-ago period.

For the first nine months of 2013-14, the bank has clocked 21 per cent rise in net profit, to Rs 4,375 crore (Rs 43.75 billion), from Rs 3,624.28 crore (Rs 36.24 billion)

in the same period of the previous fiscal.

It reported total income of Rs 27,867.75 crore (Rs 278.67 billlion) in the first three quarters, compared to Rs 24,678.96 crore (Rs 246.78 billion) in the same period last financial year.

As on December 31, Axis Bank's portfolio quality deteriorated further, with gross non-performing assets rising to 1.25 per cent of gross advances as against 1.19 per cent in the same quarter of the previous fiscal.

It's net non-performing assets also rose from 0.42 per cent from 0.37 per cent.