Axis Bank Q2 Result: Net Profit Rises 10% To Rs 5,863 Crore; NII Grows 19% YoY

Axis Bank's gross non-performing assets (NPAs) stood at 1.73 per cent as compared to 1.96 per cent in the previous quarter

Private sector lender Axis Bank on Wednesday logged a 10 per cent rise in net profit at Rs 5,863 crore for the September quarter (Q2). The bank had clocked a net profit of Rs 5,329 crore in the year-ago period. The lender's provisioning increased to Rs 815 crore during the second quarter of the current fiscal, up 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. The bank's Net Interest Income (NII) grew 19 per cent year-on-year (YoY) to Rs 12,315 crore.

According to a regulatory filing, Axis Bank's gross non-performing assets (NPAs) stood at 1.73 per cent as compared to 1.96 per cent in the previous quarter. In the same quarter in 2022, the gross NPAs were 2.5 per cent. The bank's net NPAs fell to 0.36 per cent in the July-September quarter from 0.41 per cent in the previous quarter. In the same quarter in 2022, the net NPAs were 0.51 per cent. 

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. At Axis Bank, our GPS agenda is on track and we are looking at steady growth for all major business verticals of the bank. We have been diligently working on both physical reach and digital prowess, extending our services not just to the metros and urban centres, but to the heart of Bharat which is home to the vast majority of India's population." 

The bank’s advances grew 23 per cent YOY and stood at Rs 8.97 lakh crore. Deposits of the lender stood at Rs 9.55 lakh crore versus Rs 8.11 lakh crore last year corresponding quarter. Domestic net loans of the bank grew 26 percent YOY whereas retail loans grew 23 per cent to Rs 5.19 lakh crore.

Shares of Axis Bank closed at Rs 955.35 on Wednesday, down 0.84 per cent over previous close on the BSE.