Axis Bank reports 10% y-o-y growth in net profit at Rs 5,863 crore in Q2FY24

26 Oct 2023 , 09:35 AM

Axis Bank, a leading private lender, increased its standalone net profit by 10% year-on-year (YoY) to Rs 5,863 crore in the July-September period.

Net interest income (NII) increased 19% year-on-year to Rs 12,314 crore in the reporting period, compared to Rs 10,360 crore in the same quarter of previous year.

In the reporting period, the net interest margin (NIM) grew 15 basis points year-on-year to 4.11%. It was, however, flat sequentially.

The operating profit for the quarter increased by 12% year-on-year to Rs 8,632 crore.

Fee income increased 31% year-on-year to Rs 4,963 crore in the September 2023 quarter, while retail fees increased 38%.

On the asset quality front, gross (non-performing assets) fell sequentially and YoY to 1.73%. In the September quarter, net NPAs fell to 0.36%.

Provisions and contingencies were reported at Rs 815 crore in the second quarter, while particular loan loss provisions were Rs 1,010 crore.

During the quarter, the bank did not use any Covid provisions. As of September 2023, the lender has cumulative provisions (standard and extra other than NPA) of Rs 11,758 crore.

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