Axis Bank's stock rose 2% in early trade the day after the company announced its December quarter earnings.
The bank's asset quality performance was strong, with the gross non-performing asset ratio falling 36 basis points sequentially to 3.17 percent. The net NPA ratio fell 17 basis points quarter over quarter to 0.91 percent.
Axis Bank reported that its net loan slippage ratio fell 38 basis points from the previous quarter to 0.06 percent. Specific loan-loss provisions fell to Rs 790 crores in the third quarter, down from Rs 927 crore in the previous quarter.
Fee income increased 15% year on year to Rs 3,344 crore while trading profits and miscellaneous income was Rs 367 crore and Rs 130 crore, respectively.
Total deposits increased by 20% year on year to Rs 7.7 lakh crore, with current account savings account deposits increasing by 22%. The CASA ratio improved by 189 basis points year on year, reaching 44 percent.
Axis Bank reported a net profit of Rs 3,614 crore for the third quarter of FY22, compared to a net profit of Rs 1,116.6 crore for the same period last year, after market hours on Monday. The bank earned Rs 8,653.4 crore in net interest income (NII), up from Rs 7,372.8 crore the previous year.