Axis Bank's Q2 net profit up 36%

Andrew Cummings
October 19, 2017

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 scrip was trading 7 per cent down at Rs 477.05 around 9.22 am (IST). During the June quarter, credit growth was 6.25 per cent at Rs 145,801 crore, on the back of higher growth in lending to individuals and small and medium enterprises.

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

The company's market valuation also dropped by Rs 11,709.33 crore to Rs 1,11,338.67 crore.

The stock was the worst performer among the bluechips on both the key indices during the day.

During the reporting quarter, deposits were up 16 per cent yoy at Rs 20,567 crore. The bank had added Rs 2,214 crore in new NPAs during the 12 months ended June; reduction in NPAs stood at Rs 456 crore during the same period.

Its gross non-performing assets ratio moved up to 1.80 per cent from the 1.75 per cent a year ago and as a result fresh slippages came in at Rs 77.5 crore and were driven by the retail loans, including mortgages and commercial vehicles, Natrajan said.

Axis Bank reported a profit of Rs.432 crore for September quarter, a 35.51% year-n-year jump.

Axis Bank shares on Wednesday morning slumped over 9% to eight months low, a day after the bank reported that a rise in bad loans in the second quarter ended September. Also, net profit for the quarter was nearly 66% down from street estimates of Rs 1298 crore.

This is unedited, unformatted feed from the Press Trust of India wire.

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