Mumbai – Private sector lender Axis Bank today reported a higher-than-expected 22.5 percent to Rs 1,409 crore increase in quarterly net profit. Higher interest income and trading gains aided the bank’s earnings during the quarter.
Axis Bank recorded a 16 per cent increase in total income at Rs 9,059.12 crore against Rs 7,818 crore in the year-ago period.
Net profit rose to 1409 crore rupees in its fiscal first quarter from 1150 crore rupees a year earlier. Net interest income grew 31 percent to 2865 crore rupees.
Provisions were raised mainly because non-performing assets increased to 1.10% of total loans, from 1.06% last year.
The Axis Bank scrip was trading up by about 3.9 per cent at Rs 1,240 per share on the Bombay Stock Exchange.