Axis Bank reports 83 pct rise in net profit during Q2 2018-19

Private lender Axis Bank Friday reported an 83 per cent jump in its net profit at Rs 790 crore for the quarter ending September on the back of healthily growth in core income and a decline in provisions for bad loans.

The bank had registered a net profit of Rs 432 crore in the July-September quarter of 2017-18, according to a statement by the bank.

Total income of the bank rose to Rs 15,959.37 crore during the second quarter of 2018-19 as against Rs 13,820.62 crore in the same period of the preceding fiscal.

The net interest income grew by 15 per cent year-on-year to Rs 2,542 crore as against Rs 2,208 crore, the bank said in a release.

The net non-performing assets (NPAs) fell to 2.54 per cent as on September 30, 2018, as against 3.12 per cent a year ago same period. However, gross NPAs worsened to 5.96 per cent of gross advances from 5.90 per cent in the year-ago quarter.

Provisions and contingencies for the quarter were reduced to Rs 2,927.38 crore from Rs 3,140.41 crore parked for September quarter of 2017-18.

Axis Bank shares closed 1.26 per cent up at Rs 609.95 on BSE.