Published: Thu, October 19, 2017
Life&Culture | By Rose Hansen

Axis Bank profit rises 35% to Rs.432 cr in Sept quarter

Axis Bank profit rises 35% to Rs.432 cr in Sept quarter

The company's net interest income (NII) inched up by one per cent to Rs 4,540 crore in the second quarter of 2017-18 from Rs 4,514 crore during the same quarter past year.

Shares of Axis Bank might witness a sharp fall today after the bank's net profit for Jul-Sep was below analyst' estimates, as well as bad loans have increased. Axis Bank reported a almost 36% increase in net profit at Rs 432 crore in the second quarter ended September but said their gross non-performing assets (NPAs) of the bank rose to 5.90% as compared to 4.17% in the same period a year ago. The bank's net interest income or the core income a bank earns by giving loans rose marginally by 0.5% to Rs.4,539 crore.

The company has posted net profit of Rs.1193.58 crores for the period ended September 30, 2017 as against Rs.1200.72 crores for the period ended September 30, 2016. For the quarter on review, gross NPAs rose to Rs 27,402 compared to Rs 22,031 crore at the June ended quarter, the company said in the statement.

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Asset quality numbers worsened significantly on the Reserve Bank of India's (RBI's) assessment of its previous financial year numbers. Gross NPA additions for the second quarter stood at Rs 8,936 crore, of which corporate slippages stood at Rs 8,110 crore, it said.

As Axis Bank's stressed assets grew, provisions, money set aside by the bank as assets to pay for anticipated future losses, also increased to Rs 3140 crore during the quarter, from Rs 2342 crore in last quarter.

On Tuesday, shares of the bank ended at Rs 513.15, down 1.4% from the previous close.

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