Axis Bank Shows Robust Q2 Performance with 18% Profit Surge

Axis Bank reported an 18% growth in net profit for Q2 ending September 2024, compared to the previous year. The bank's net profit rose to Rs 6,918 crore, with total income reaching Rs 37,142 crore. Asset quality improved with gross NPAs reduced to 1.44%.

Axis Bank, a major private sector lender, showcased a robust financial performance for the second quarter ending September 2024, marking an 18% surge in its net profit to Rs 6,918 crore. This compares favorably to the Rs 5,864 crore achieved in the same quarter last year.

The bank's total income also witnessed significant growth, climbing to Rs 37,142 crore from Rs 31,660 crore. Interest income during this period saw a hike, reaching Rs 30,420 crore, up from Rs 26,626 crore a year prior.

In terms of asset quality, Axis Bank made strides in reducing its gross non-performing assets (NPAs) to 1.44% from 1.73%. Net NPAs fell slightly to 0.34%, while the Capital Adequacy Ratio edged up to 16.61% from 16.56%, underscoring the bank's strengthened financial footing.

(With inputs from agencies.)