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Axis Bank fiscal Q2 profit rises YOY on lower provisions

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Axis Bank fiscal Q2 profit rises YOY on lower provisions

Axis Bank Ltd.'s net profit for the quarter ended Sept. 30 rose to 4.32 billion Indian rupees from 3.19 billion rupees, thanks to lower provisions.

EPS for the fiscal second quarter rose to 1.80 rupees from 1.33 rupees in the year-ago quarter.

The bank said Oct. 17 that its interest income climbed to 112.35 billion rupees from 111.59 billion rupees in the year-ago period. Investment income grew year over year to 24.32 billion rupees from 23.81 billion rupees. Other income increased to 25.86 billion rupees from 25.40 billion rupees.

Total income climbed to 138.21 billion rupees from 136.99 billion rupees, the bank said.

Total expenditure, excluding provisions and contingencies, rose to 100.43 billion rupees from 95.99 billion rupees in the prior-year period.

Provisions and contingencies, other than taxes, dropped to 31.40 billion rupees from 36.23 billion rupees.

For the fiscal first half, the bank's net profit fell to 17.38 billion rupees from 18.75 billion rupees. EPS for the half dropped to 7.23 rupees from 7.81 rupees.

As of the end of the period, the bank's gross nonperforming assets ratio climbed to 5.90% from 4.17% in the prior-year period. The net NPA ratio rose to 3.12% from 2.02% over the same period.

Under Basel III, the capital adequacy ratio increased to 15.97% at the end of the period from 14.78% in the year-ago period.

As of Oct. 17, US$1 was equivalent to 65.03 Indian rupees.