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Axis Bank Q3 net profit trebles as income rises, provisions drop

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Axis Bank Q3 net profit trebles as income rises, provisions drop

Private sector lender Axis Bank on Monday reported that its net profit tripled year-on-year to Rs 3,614 crore in the December quarter of FY22 on higher revenue and lower provisions.

The bank’s total provisions and contingency expenses stood at Rs 1,335 crore, down 64% year-on-year. The bank reported total revenue of Rs 21,101 crore for the three months ended December 31, up 15 percent from a year earlier. Axis Bank’s net interest income (NII) – the difference between interest earned and interest paid – rose 17 per cent year-on-year to Rs 8,653 crore as its net interest margin (NIM), a key measure of profitability indicator) was 3.53%, a month-on-month increase of 14 basis points (bps). Axis Bank’s other income, including fees, trading profits and miscellaneous income, rose 31 percent year-on-year to Rs 3,840 crore in the three months to December.

The bank’s gross non-performing asset (NPA) ratio (non-performing loans as a percentage of total advances) was 3.17% in the third quarter of fiscal 2022, down 36 basis points quarter-on-quarter and down 27 basis points year-over-year. After provisions, the net NPA ratio was 0.91% in the third quarter, compared to 1.08% in the September quarter of FY22 and 0.74% in the same period last year.

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Puneet Sharma, chief financial officer at Axis Bank, said: “With our outlook on overall credit performance, we do expect credit costs to continue to moderate as we have shed significant wholesale exposure.”

Amitabh Chaudhry, chief executive of Axis Bank, said that over the past few years, the bank had set the right provisions to absorb the up-front Covid-19-related blow by not making excessive ECLGS loans or even restructuring. “This is reflected in improved asset quality,” Chowdhury said.

Launched on May 20, 2020, ECLGS provides 100% guarantee coverage to selected borrowers, although it was originally designed for small business borrowers with fund-based credit outstanding up to Rs 250 crore, it is now Other parts are also included.

The bank’s gross slippage in Q3FY22 was Rs 4,147 crore compared to Rs 5,464 crore in Q2 and Rs 7,993 crore in Q3 FY21. The slippage of the loan book was Rs 3,332 crore and the slippage of the investment risk was Rs 8.15 crore. Its recoveries and upgrades from NPA stood at Rs 3,288 crore during the quarter, while write-offs were at Rs 1,707 crore. Axis Bank’s advances rose 17% year-on-year to Rs 6.64 trillion as at December 31. Retail loans rose 18% year-on-year to Rs 3.67 trillion and accounted for 55% of net bank advances. The share of secured retail loans is 80%, and housing loans account for 37% of the retail book. The bank’s corporate loan book rose 13% year-on-year to Rs 2.29 trillion.

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“Mortgage loans are the largest (in the retail lending segment). But small business banking is growing strongly and personal loans are starting to show quarter-on-quarter growth. Growth in auto loans is limited due to supply-side issues,” Axis Bank Group Executive and Retail Lending Director Sumit Bali said.

Complete News Source : mint

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To All The Boys star Lana Condor shares wedding video and it is straight out of a rom-com. Watch

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3 weeks ago

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January 30, 2025

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To All The Boys star Lana Condor shares wedding video and it is straight out of a rom-com. Watch

Lana Condor and Anthony De La Torre married in a picturesque hillside setting in Malibu, California, in October 2024. The couple shared their intimate wedding video, which captured their smiles and heartfelt tears. The video featured drone shots of picturesque hills and the wedding venue.

As well as close-ups of Lana in her wedding gown and emotional moments. The couple also included an after-party celebration where the couple cut the cake and guests danced the night away. Lana Condor is known for her role in.

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To All the Boys I’ve Loved Before trilogy, while Anthony De La Torre is an actor and musician. The couple first met in 2015 and got engaged in 2022. The couple has also starred in Boo, Bitch, X-Men Apocalypse, and Deadly Class.

Lana Condor, renowned for her portrayal of Lara Jean Covey in the “To All the Boys I’ve Loved Before” film series, recently shared a heartfelt wedding video that has captivated fans worldwide. The video, reminiscent of a romantic comedy, offers an intimate glimpse into her wedding day with actor and musician Anthony De La Torre.

A Dreamy Malibu Wedding

In late October 2024, Lana and Anthony exchanged vows in a picturesque ceremony at the Serra Retreat Center in Malibu, California. The venue, nestled atop the Malibu mountains, provided a serene backdrop for the couple’s special day. Lana chose the location because she had visited it with her late mother during her childhood, making it a place of profound personal significance.

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The Wedding Video

Lana’s wedding video captures the essence of their love story, blending candid moments with cinematic elegance. The footage showcases the couple’s first look, heartfelt vows, and the joyous celebration that followed. The video has been lauded for its authenticity and the palpable chemistry between Lana and Anthony, evoking the charm of a classic romantic film.

A Nod to ‘To All the Boys’

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The wedding video has drawn parallels to the “To All the Boys” series, where Lana’s character navigates the complexities of young love. Fans have noted the similarities between the fictional romance and the real-life love story, highlighting the serendipitous nature of Lana’s journey from on-screen romance to real-life happiness.

Lana and Anthony’s Journey

Lana and Anthony’s relationship began in 2015 after meeting at an Emmy Awards party. They announced their engagement in January 2022 and have since been a beloved couple in the entertainment industry. Their wedding marks a new chapter in their shared journey, celebrated by fans and peers alike.

Celebrating Love and Life

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Lana’s wedding video serves as a testament to love’s enduring power and the beauty of shared moments. It resonates with many, offering a glimpse into the joy and commitment that define a lasting partnership.

For a visual experience of Lana and Anthony’s wedding, you can watch the following video:

Lana Condor, celebrated for her role as Lara Jean Covey in “To All the Boys I’ve Loved Before,” recently shared a wedding video that feels straight out of a romantic comedy. In late October 2024, she married actor and musician Anthony De La Torre in an intimate ceremony at the Serra Retreat Center in Malibu, California.

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The video captures the couple’s heartfelt vows, candid moments, and the joyous celebration that followed. Lana wore a stunning Vera Wang gown, a choice she had made two years earlier with her late mother. people.com The ceremony was described as timeless and airy, set atop the Malibu mountains

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