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    Ravi
    Dash  ·  
    Jan 28, 2021

    AXIS BANK NET PROFIT FALLS IN Q3 BY 36%

    in News Updates


    Image Source: businessinsider.in



    Axis Bank on Wednesday announced a 36% year-on-year drop in a net benefit to ₹1,116.6 crores for the quarter finished 31 December. The private bank announced a net benefit of ₹1,757 crores for the comparing quarter a year ago.


    "Reported profits after tax for the quarter are adversely impacted to the extent of around ₹1,050 crores on account of prudent expenses and provisioning charges during the quarter," the bank reported.


    The bank's operating benefit for the quarter developed 6% year-on-year to ₹6,096 crores. The core operating benefit for the quarter developed 10% year-on-year to ₹5,754 crores.


    The private loan specialist's net revenue pay, the distinction between premium acquired and premium, rose 14% year-on-year to ₹7,372.7 crores. NII in Q3FY20 was at ₹6,452.98 crores. NII before premium inversions expanded 19% YOY to ₹7,987 crores, the bank said in the recording. Net revenue edge (NIM) for Q3FY21 was 3.59% as against 3.57% for Q3FY20. NIM before premium inversions remained at 3.89%, the bank added.


    Arrangements in the quarter under survey expanded 32.7% year-on-year to ₹4,604.28 crores, the bank said in the documenting.


    In the December quarter, the bank detailed gross NPA and net NPA at 3.44% and 0.74% individually as against 4.18% and 0.98% during the September quarter. The rebuilt advances as of 31st December 2020 remained at ₹2,709 crore that means 0.42% of the gross client resources, the bank said.

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