Axis Bank Q2 net jumps 83% as NPA woes ease

NEW DELHI: Private lender Axis Bank on Friday reported a 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.

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.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal