Axis Bank Q2 Profit up nearly 83%

Axis Bank, the country’s third-biggest private sector lender by assets, on Friday posted a better-than-expected 82.6 per cent jump in second-quarter profit, boosted by higher interest income and as asset quality improved.

Net profit came in at Rs. 790 crore ($108.95 million) for the three months ended September 30, compared with Rs. 432 crore a year ago.

Analysts had expected a net profit of Rs. 741 crore, according to Refinitiv data.

Provisions fell 6.8 per cent to Rs. 2,927 crore.

Gross non-performing loans as a percentage of total loans stood at 5.96 per cent at end-September, compared with 6.52 per cent in the previous quarter and 5.90 per cent in the same period last year.