Private sector lender, Axis Bank, on Tuesday reported 131 percent year-on-year (YoY) jump in net profit at Rs 1,680.8 crore for the third quarter ended December 2018 on higher loan growth.

In the corresponding quarter last year, the company posted a net profit of Rs 726 crore.

CNBC-TV18 Polls had predicted a profit of Rs 1,276.1 crore for the quarter under review.

The net interest income grew 18 percent to 5,604 crore in the third quarter this fiscal. Total income during the quarter under review rose to Rs 18,130.42 crore as against Rs 14,314.63 crore in the year-ago period, Axis Bank said in a regulatory filing.

Net non-performing assets (NPAs) stood at 2.36 percent of the net advances as on December 31, 2018, down from 2.56 percent by the end of December 2017. gross non performing assets (GNPA), however, worsened to 5.75 percent of the gross advances, up from 5.28 percent a year ago.

In value terms, the gross NPAs stood at Rs 30,854.67 crore in December quarter as against Rs 25,000.51 crore in the same period previous year. Net bad loans were Rs 12,233.29 crore as against Rs 11,769.49 crore.

(With inputs from PTI)

First Published:Jan 29, 2019 4:35 PM IST