New Delhi: In the second quarter of September 2024, Axis Bank announced a net profit increase of 18 percent amounting to Rs 6,918 crore. The private sector bank had made a net profit of Rs 5,864 crore during the corresponding quarter last year. Axis reported in a regulatory filing that its total revenue rose to Rs 37,142 crore in the current quarter from Rs 31,660 crore in the previous year's corresponding period, according to PTI.
Bank Reports Higher Interest Income, Improved Asset Quality
During the quarter, the bank's interest income increased to Rs 30,420 crore from Rs 26,626 crore in the previous year. In terms of the quality of assets, the bank managed to lower gross non-performing assets (NPAs) to 1.44 pc of the gross loans by September 2024, down from 1.73 pc a year earlier. Likewise, net NPAs or non-performing assets decreased to 0.34 percent from 0.36 percent at the conclusion of the second quarter of the prior fiscal year. The Capital Adequacy Ratio rose to 16.61 per cent from 16.56 per cent by the end of the previous fiscal quarter.
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