Axis Bank Q2 net profit rises 10 per cent to ₹5,863 crore

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 <span class=
Axis Bank had reported a net profit of 5,329 crore in the year-ago period(MINT_PRINT)

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.

ALSO READ: HDFC Bank reports Q2 net profit at 16,811 cr; 15,976 cr as standalone

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.

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