Axis Bank Shares Climb Over 1% After Q2 Earnings

Axis Bank Shares Climb Over 1% After Q2 Earnings

Private sector lender Axis Bank on Wednesday reported a 10 per cent increase in the September 2023 quarter net profit to Rs 5,864 crore on higher interest income.

PTIUpdated: Thursday, October 26, 2023, 12:18 PM IST
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Axis Bank Shares Climb Over 1% After Q2 Earnings | Representative Image/ File

Shares of Axis Bank climbed over 1 per cent on Thursday morning after the firm reported a 10 per cent increase in the September 2023 quarter net profit.

The stock advanced 1.42 per cent to Rs 969 after a positive beginning at the BSE.

At the NSE, it climbed 1.50 per cent to Rs 969.85.

Private sector lender Axis Bank on Wednesday reported a 10 per cent increase in the September 2023 quarter net profit to Rs 5,864 crore on higher interest income.

The lender had reported a net profit of Rs 5,330 crore in the year-ago period.

The bank's net interest income (NII) grew 19 per cent year-on-year to Rs 12,315 crore.

Its provisioning rose to Rs 815 crore during the second quarter of the current fiscal from Rs 550 crore in the year-ago period.

Axis Bank's total income rose to Rs 31,660 crore during the quarter under review, from Rs 24,094 crore last year.

The bank's gross NPA at 1.73 per cent at the end of September declined by 77 basis points year-on-year and 23 bps quarter-on-quarter.

Net NPA at 0.36 per cent declined 15 bps year-on-year and 5 bps quarter-on-quarter.

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