Private sector lender Axis Bank on Thursday reported a 18% rise in net profit for the September 2024 quarter. Profit climbed to Rs 6917.57 crore in the second quarter against Rs 5863.56 crore in the Q2 of previous fiscal.
Net interest income (NII) rose 9% to Rs 13,483 crore in the second quarter against Rs 12,315 crore in the second quarter of the previous fiscal. Operating revenue climbed 16% to Rs 20,205 crore in Q2 against Rs 17,349 crore in Q2 of the previous fiscal.
Net NPAs stood unchanged at 0.34% in Q2. Gross NPAs slipped to 1.44% in the last quarter against 1.54% in the June 2024 quarter.
Operating profit rose 24% to Rs 10,712 crore in the last quarter against Rs 8632 crore in the corresponding quarter of the previous fiscal.
Total deposits of the lender rose 14% to Rs 10.86 lakh crore in Q2 against Rs 9.55 lakh crore in the corresponding quarter of the previous fiscal. Net advances or loans given by the lender in Q2 climbed 11% to Rs 9.99 lakh crore against Rs 8.97 lakh crore in Q2 of the previous fiscal.
The earnings were announced after market hours today. Axis Bank stock closed 1.74% lower at Rs 1132.15 on BSE. Market cap of the lender fell to Rs 3.50 lakh crore.