Axis Bank Q3FY23 net profit grows by 62% to Rs 5,853cr

Axis Bank has reported a 62% growth in its net profit for the third quarter of the fiscal year 2023 (Q3FY23) at INR 5,853 crores, compared to INR 3,614 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 2022 were INR 74.6, compared to INR 46.61.

Axis Bank posted a 32% increase in its net interest income to INR 11,459 crores in Q3FY23, compared to INR 8,653 crores in Q3FY22.

Its fee income increased by 23% year-over-year (YoY) to INR 4,102 crores while trading income was up by 17% YoY to INR 428 crores in Q3FY23.

Axis Bank Q3FY23 net profit grows by 62% to Rs 5,853cr. Photo courtesy of Christopher J. Fynn/Wikimedia Commons.

Amitabh Chaudhry — Axis Bank MD and CEO, commenting on Axis Bank Q3FY23 results, said: “In the midst of global uncertainty, India stands as a bright spot offering great stability and opportunities for the economy and businesses. The Banking sector is in a good position to leverage this great momentum built over the last few quarters. Axis Bank has been steadily enhancing its capabilities, buoyed by good business growth and great partnerships.

“The Citi merger has been shaping very well, and we are extremely happy with the response we are getting from customers and employees alike. We are excited to welcome them all to the Axis family.”