Mumbai, Jan 29 (IANS): Lending major Axis Bank on Tuesday reported an exponential growth of 131 per cent in its year-on-year net profit for the third quarter of 2018-19.

Mumbai, Jan 29 (IANS) Lending major Axis Bank on Tuesday reported an exponential growth of 131 per cent in its year-on-year net profit for the third quarter of 2018-19.

According to the firm, net profit during the quarter under review increased to Rs 1,681 crore from Rs 726 crore reported for the corresponding period of last fiscal.

The banking major's net interest income grew by 18 per cent to Rs 5,604 crore during the quarter ended December 31, 2018 compared to Rs 4,732 crore in the corresponding period of the previous fiscal.

As per the bank's statement, the bank has recognised slippages of Rs 3,746 crore during Q3FY19, compared to Rs 2,777 crore in Q2FY19 and Rs 4,428 crore in Q3 FY18.

"As on 31st December 2018, the bank's Gross NPA stood at Rs 30,855 crore and Net NPA at Rs 12,233 crore," the bank said in a statement.

"Recoveries and upgrades from NPAs during the quarter were Rs 1,622 crore while write-offs were Rs 2,207 crore. Net slippages (before write-offs) in Retail and SME segments stood at Rs 492 crore and Rs 237 crore, respectively."

The company's scrip at the BSE gained 0.74 per cent or Rs 4.85 to Rs 660.80 on Tuesday from its previous close of Rs 655.95.