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  Business   Companies  02 Nov 2018  Axis Bank Q2 net profit jumps 83 per cent to Rs 790 crore

Axis Bank Q2 net profit jumps 83 per cent to Rs 790 crore

PTI
Published : Nov 2, 2018, 5:07 pm IST
Updated : Nov 2, 2018, 5:07 pm IST

The bank had registered a net profit of Rs 432 crore in the July-September quarter of 2017-18.

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.
 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.

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 in a release.

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. Axis Bank shares closed 1.26 per cent up at Rs 609.95 on BSE. 

 

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Location: India, Delhi, New Delhi