Private sector lender Axis Bank on Wednesday reported a 10 per cent increase in the September 2023 quarter net profit to Rs 5,864 crore on higher interest income.
The lender had reported a net profit of Rs 5,330 crore in the year-ago period.
The bank's net interest income (NII) grew 19 per cent year-on-year to Rs 12,315 crore.
Its provisioning rose to Rs 815 crore during the second quarter of the current fiscal from Rs 550 crore in the year-ago period.
Axis Bank's total income rose to Rs 31,660 crore during the quarter under review, from Rs 24,094 crore last year.
Axis Bank Managing Director and Chief Executive Officer Amitabh Chaudhry said that despite 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.
The bank’s gross NPA at 1.73 per cent at the end of September declined by 77 bps year-on-year and 23 bps quarter-on-quarter.
Net NPA at 0.36 per cent declined 15 bps year-on-year and 5 bps quarter-on-quarter.
The advances grew 23 per cent quarter-on-quarter to Rs 8,97,347 crore as of September 30, 2023.
The bank’s balance sheet grew 13 per cent year-on-year to Rs 13,38,914 crore at September-end 2023.
Axis Bank's total deposits grew 18 per cent year-on-year.
Shares of Axis Bank closed at Rs 955.35 on Wednesday, down 0.84 per cent over the previous close on the BSE.