The Business Bytes
TBB BUREAU
MUMBAI, OCT 20, 2022
Private lender Axis Bank on Thursday reported a better-than-expected 70% jump in second-quarter profit on Thursday, as bad loan provisions slid and asset quality improved.
Net profit rose to Rs 5,330 crore in the three months to September 30 from Rs 3,133 crore a year ago, Mumbai-based Axis Bank said in an exchange filing.
The lender’s net interest income rose 31 per cent on an annual basis and 10 per cent on a sequential basis.
Net interest margin, a key measure of profitability, rose to 3.96% from 3.39 per cent in the same period a year earlier.
Total income on standalone basis rose to Rs 24,180 crore in September quarter of 2022-23 as against Rs 20,134 crore in same period of 2021-22, Axis Bank said. Of this, the interest income during the quarter stood at Rs 20,239 crore, up by 24 per cent from Rs 16,336 crore.
For the second quarter, Axis Bank’s net advances grew 18% year-on-year and 4 per cent compared to the previous quarter. Larger peer HDFC Bank last week reported a 23.4 per cent on-year growth in loans.
