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Axis Bank, one of the largest private lender of the country reported a net profit of Rs 790 crores for the September-end quarter, posting an 83 per cent rise, as compared to the net profit of Rs 432 crores registered during the September-end quarter of 2017-18, on the back of healthily growth in core income and a decline in provisions for bad loans.
The private lender’s total income during the quarter under review surged to Rs 15,959.37 crores as against Rs 13,820.62 crores in the corresponding quarter of the preceding fiscal, according to a statement released by the bank.
As per the statement, the net non-performing assets (NPAs) declined 2.54 per cent in the July-September quarter of 2018-19, as against 3.12 per cent a year ago same period. The net interest income (NII) increased by 15 per cent year-on-year to Rs 2,542 crores as against Rs 2,208 crore.
However, Axis Bank‘s gross NPAs worsened from 5.90 per cent to 5.96 per cent of gross advances in the second quarter of the current fiscal year. Provisions and contingencies were reduced from Rs 3,140.41 crores in the Q2 FY19 to Rs 2,927.38 crores in the July-September quarter of 2018-19.
