Axis Bank Q2 net profit jumps 83% to Rs 790 crore

New Delhi: Private lender Axis Bank Friday reported a 83 percent 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 percent 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 percent as on September 30, 2018 as against 3.12 percent a year ago same period. However, gross NPAs worsened to 5.96 percent of gross advances from 5.90 percent 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 percent up at Rs 609.95 on BSE.