Axis Bank , the country's third largest private sector lender, disappointed analysts with its December quarter earnings on Thursday. Profit plunged sharply by 73.3 percent year-on-year to Rs Rs 579.6 crore despite sharp surge in other income and lower tax cost.
Slow growth in net interest income and higher provisions dented profitability. Net interest income during the quarter grew by 4.1 percent to Rs 4,333.73 crore compared with Rs 4,162.06 crore in year-ago period, with loan growth of 10 percent at Rs 3.47 lakh crore as of December 2016. "Retail advances grew 19 percent YoY and stood at Rs 1.49 lakh crore and accounted for 43 percent of net advances.
Corporate credit grew 4 percent YoY and stood at Rs 1.54 lakh crore and accounted for 44 percent of net advances," Axis Bank said. Net interest margin on sequential basis contracted to 3.43 percent against 3.64 percent. Other income (non-interest income) shot up 45.4 percent year-on-year to Rs 3,400.2 crore and operating profit grew by 16.4 percent to Rs 4,640.2 crore in Q3.
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