New Delhi: Private sector lender Axis Bank on Tuesday reported 4% year-on-year rise in profit at Rs 6,071 crores for October-December quarter (Q3) of the current financial year 2023-24.

The bank had posted a profit of Rs 5,853 crore in Q3 of 2022-23.

Net Interest Income (NII) of the bank grew 9% year-on-year to Rs 12,532 crore in the December quarter of the current financial year as against Rs 11,459 crore in the corresponding period of FY23.

NII is the difference between the interest income a bank earns from lending and the interest it pays to the depositors.

As on 31st December, 2023 the Axis Bank’s reported Gross non-performing asset (NPA) and Net NPA levels were 1.58% and 0.36% respectively as against 1.73% and 0.36% as on 30th September, 2023.

The bank’s advances grew 22% YOY and 4% QOQ to Rs 9,32,286 crores as on 31st December 2023.

“At Axis Bank, our focus has been on sustainable and inclusive growth, with customer taking the center stage in every discussion,” said Amitabh Chaudhry, MD&CEO, Axis Bank.

He also said that Indian economic momentum has been strong in FY24 and the trend will continue well into FY25.