Axis Bank reports 5% yoy rise in PAT for Q3FY20

Axis Bank reports 5% yoy rise in PAT for Q3FY20

Axis Bank’s operating profit for the quarter was Rs5,743cr, up 4% yoy from Rs5,525cr in Q3FY19. Q3FY19 had witnessed one large recovery in an account in the Steel sector. Adjusted for that one-off item, the bank’s operating profit for the quarter grew 22% yoy. For the M9FY20 period, the operating profit grew 26% yoy to Rs17,587cr.

Net profit for Q3FY20 increased 5% yoy to Rs1,757cr from Rs1,681cr in Q3FY19; for 9MFY20 net profit de-grew 5% yoy to Rs3,015cr, driven by the DTA charge taken in Q2 to incorporate revised corporate tax rates.

The Bank’s Net Interest Income (NII) grew 15% yoy to Rs6,453cr during Q3FY20 from Rs5,604cr in Q3FY19. 

The total deposits on quarterly average basis (QAB) grew by 21%. CASA and Retail Term Deposits on a QAB basis put together recorded a growth of 21% yoy. On a period end basis, the total deposits grew 15% yoy. The share of CASA and Retail Term Deposits in the Total Deposits stood at 82% as on 31st December 2019.

As on 31st December 2019, the Bank’s Gross NPA and Net NPA levels were 5.00% and 2.09% respectively, as against 5.03% and 1.99% respectively, as on 30th September, 2019

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