Axis Bank Q3 results out. Reports 4.5% rise in net profit. DoT allows 100% FDI in Airtel.
Inching Higher: Private lender Axis Bank today reported its Q3 results. Net profit was up 4.5% to ?1,757cr ($247m) on the back of higher net interest income.
On the asset quality front, Axis Bank reported 3.4% QoQ rise in gross non-performing assets (GNPA) at ?30,073cr ($4,231m) for the period under consideration.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 15.16% YoY to ?6,452.98cr ($907m).
Provisions during the quarter increased 13.63% YoY to ?3,470.92cr ($488m). Livemint
Funds Incoming: The Department of Telecom (DoT) has approved raising of foreign direct investment in Bharti Airtel to 100% from 49%.
The company also has the approval of the Reserve Bank of India (RBI) that allowed foreign investors to hold up to 74% stake in the company. BS
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