Axis Bank's Q2 net profit jumps 70% at ₹5,330 crore: Report

The country's third largest private sector lender had posted a net profit of ₹3,133.32 crore in the year ago same quarter ended September 2021.

Axis Bank on Thursday reported a jump of 70 per cent in its standalone net profit at ₹5,329.77 crore in quarter ended September 2022 on healthy core income aided by trimming of bad loans.

Axis Bank's logo is seen next to ATM machines at its corporate headquarters in Mumbai. (REUTERS Photo)

The country's third largest private sector lender had posted a net profit of ₹3,133.32 crore in the year ago same quarter ended September 2021.

Total income on standalone basis rose to ₹24,180 crore in September quarter of 2022-23 as against ₹20,134 crore in same period of 2021-22, Axis Bank said in a regulatory filing.

Of this, the interest income during the quarter stood at ₹20,239 crore, up by 24 per cent from ₹16,336 crore.

On asset front, there was improvement with the gross non-performing assets falling to 2.50 per cent of the gross advances as of September 30, 2022 from 3.53 per cent by year-ago same period.

Net NPAs (bad loans) slid to 0.51 per cent from 1.08 per cent.

Bank's provisioning for bad loans and contingencies were thus brought down to ₹549.78 crore for July-September quarter of FY23 from ₹1,735 crore put aside by the lender for the same period of the previous fiscal.

Stock of Axis Bank closed at ₹826.20 apiece on BSE, down by 0.42 per cent.