Axis Bank Q2 profit up 38% on loan growth
Axis Bank has showcased impressive results with a 38% surge in net profit for the quarter ending in September. This significant growth stems from strong loan demand and enhanced asset quality. The bank's net interest income increased by 11.8% year-on-year, totaling 15,371 crore, while overall advances rose by 23% compared to the previous year. The stability in the bank's net interest margin emphasizes its positive financial trajectory.
Mumbai: Axis Bank, the country’s third-largest private sector lender by assets, reported a 38% year-on-year increase in net profit to 7,003 crore for the September quarter, supported by strong loan growth, higher net interest income and improving asset quality.The net interest income rose 11.8% YoY to 15,371 crore. Net interest margin or core profitability, stood at 3.36%, including the impact of foreign currency non-resident bank (FCNR-B) deposits.
Excluding this impact, the margin was 3.47%, compared with 3.46% in the preceding quarter. Total advances grew 23% year-on-year.(You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
