Axis Bank has reported a 131 per cent jump in its net profit at Rs 1,681 crore for the third quarter ended Decmber 2018 as against a net profit of Rs 726.44 crore in a year ago period.
According to the bank, net interest income (NII) was up 18 per cent at Rs 5603.6 crore against Rs 4,732 crore. Gross non-performing assets (NPA) was down at 5.75 per cent against 5.94 per cent, while net NPA was down at 2.36 per cent against 2.54 per cent on a quarter-on-quarter basis. In the absolute term, gross NPA was down at Rs 30,854.7 crore. Provisions for the quarter stood at Rs 3,054.5 crore against Rs 2,811 crore.
Axis Bank’s new MD and CEO Amitabh Chaudhry said the bank’s strategy for the next three years would “pivot around delivery of three important vectors – growth, profitability and sustainability”.
“The developments in the market present us with a tremendous opportunity to improve upon these numbers in short order. Our focus over the next three years on the growth vector would be to improve deposit growth materially to fund our strong loan growth aspirations, establish leadership in payments and digital capabilities and to materially scale up our subsidiaries,” he said.
“We would continue to focus on growing our core operating profitability, striving to enhance both margins and fee incomes,” Chaudhry said.
“We are investing in our risk management architecture and finally we are reorienting the organisational structure and building a bench of senior talent to deliver continued excellence. The idea is to execute in a rigorous and disciplined manner across the organisation, all the time,” he added.
“An early step I have taken is to review our corporate portfolio with the team, starting with the largest accounts, to assess if there are signs of stress in these accounts that we need to be aware of,” Chaudhry said.