Axis Bank’s Q2 Net Profit Climbs By 10% To Rs 5,863 Crore

Axis Bank, a private sector lender, announced a 10 percent increase in net profit for the September quarter, at Rs 5,863 crore.

In the previous fiscal year, Axis Bank reported a net profit of Rs 5,329 crore.

The bank’s provisioning jumped to Rs 815 crore in the second quarter of the current fiscal year, up from Rs 550 crore the previous year.

Axis Bank’s total income increased to Rs 31,660 crore during the quarter under review, from Rs 24,094 crore last year.

Net Interest Income (NII) of the bank surged 19 percent year-on-year to Rs 12,315 crore.

Amitabh Chaudhry, Managing Director and Chief Executive Officer of Axis Bank stated that despite a highly uncertain global geopolitical backdrop, the India story remains robust.

Chaudhry went on to say, “With the upcoming festivities, we are already seeing a surge in demand, which augurs well for business. We are looking at steady growth for all major business verticals of the bank”.

Shares of Axis Bank wrapped up at Rs 955.35 on Wednesday, down 0.84 percent from the previous close on the BSE.

Also read: Hurricane Otis Makes A Catastrophic Landfall In Mexico