Axis Bank Q3 Results Out - Net Profit Rises 62%

Axis Bank Posts Bumper Q3 Results as Net Profits Rise 62%. Know Key Details.

Comfortably beating street estimates, Axis Bank Reports Net Profit of Rs. 5,853 crores for Q3 FY 23.

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The private sector bank's NII (net interest income) rose 32% year-on-year to Rs. 11,459 crores as a result of strong 15% loan growth and expanding net interest margins.

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The bank’s margins as it was able to pass on policy rate hikes to borrowers through lending rate hikes. This is because 68% of its loan book is priced at a floating rate.

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It's margin expansion is also driven by improved loan mix towards SME loans and retail. Other drivers were improved composition of low-cost current and savings account (CASA) deposits and decreasing low-yielding RIDF bonds.

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Axis Bank had a healthy loan growth of 15% to Rs 7.62 lakh crores with the main drivers being loans to retail and small businesses.

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