Axis Bank Ltd on Friday said its second quarter net profit rose 82.62% on the back of higher net interest income and other income.
The bank posted a net profit Rs 789.61 crore for the three months ended 30 September, compared with Rs 432.38 crore in the year-ago period. Profit was higher than Rs 758.9 crore estimated by a Bloomberg poll of 22 analysts.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 15.25% to Rs 5,232.11 crore from Rs 4,539.62 crore in the corresponding period last year.
Other income, which includes core fee income, rose 3.59% to Rs 2678.38 crore in the three months from Rs 2585.40 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 5.96% in the September quarter, compared with 6.52% in the June quarter, and 5.90% in the year-ago September quarter.
Provisions during the quarter decreased 6.78% to Rs 2,927.38 crore, against Rs 3,140.41 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs 3,337.70 crore as provisions.
Post-provision, the net NPA ratio was at 2.54%, against 3.09% in the April-June quarter, and 3.12% in the year-ago quarter.
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