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Private lender Axis Bank Ltd.’s second-quarter profit rose as core income increased while provisions fell.
Net profit rose 70% year-on-year to Rs 5,330 crore in the July-September quarter, according to its exchange filing. Analysts polled by Bloomberg estimated a net profit of Rs 4,445 crore for the quarter.
Net interest income, or core income, rose 31% from a year ago to Rs 10,360 crore. Other income rose marginally by 3.76% to Rs 3,941 crore in the second quarter.
Gross non-performing asset ratio fell by 26 basis points quarter-on-quarter to 2.5%. Net NPA ratio, too, fell to 0.51% as of Sept. 30, compared with 0.64% as of June 30.
Provisions for the quarter fell 68% year-on-year to Rs 550 crore.
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