Private sector lender Axis Bank on Wednesday reported a 10 per cent rise in net profit at ₹5,863 crore for the September quarter.
Axis Bank had reported a net profit of ₹5,329 crore in the year-ago period.
The bank’s provisioning increased to ₹815 crore during the second quarter of the current fiscal, up from ₹550 crore in the year-ago period.
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Axis Bank’s total income rose to ₹31,660 crore during the quarter under review, from ₹24,094 crore last year.
The bank’s Net Interest Income (NII) grew 19 per cent year-on-year to ₹12,315 crore.
Axis Bank Managing Director and Chief Executive Officer Amitabh Chaudhry said in spite of a highly volatile global geopolitical landscape, the India story remains strong.
“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,” Chaudhry said.
Shares of Axis Bank closed at ₹955.35 on Wednesday, down 0.84 per cent over previous close on the BSE.