Axis Bank Q3FY22 net profit surges by 224% to Rs 36.14bn

Axis Bank has reported a 224% growth in its net profit for the third quarter of the fiscal year 2022 (Q3FY22) at INR 3,614 crores, compared to INR 1,117 crores in the same quarter of the previous fiscal year.

The diluted earnings per share for the Indian private sector bank for the quarter ended 31 December 2021 were INR 46.61, compared to INR 14.47.

Axis Bank registered a 17% increase in its net interest income to INR 8,653 crores in Q3FY22, compared to INR 7,373 crores in Q3FY21.

The bank’s fee income increased by 15% year-over-year (YoY) to INR 3,344 crores while trading income was INR 367 crores in Q3FY22 compared to a trading loss of INR 33 crores in the same quarter of the previous quarter.

Axis Bank Q3FY22 net profit surges by 224% to Rs 36.14bn. Photo courtesy of Christopher J. Fynn/Wikipedia.org.

Amitabh Chaudhry — MD and CEO of Axis Bank said: “As part of our digital strategy, we continue to focus on ‘OPEN’ Banking initiatives to enhance user experience through constant innovation in our offerings to both Retail and Corporate Banking customers. Our integrated ‘One Axis’ approach has supported many corporates, some of which have also figured in the 2021 Burgundy Private Hurun India 500 List launched last month.

“In Retail, we continue our growth focus, with the economy turning around and limited impact of the virus. We are optimistic about the future and plan to leverage every sustainable growth opportunity that is available to us.”