Axis Bank net profit jumps 70% at Rs 5,330 crore

NEW DELHI: Private sector lender Axis Bank on Thursday reported a 70% jump in standalone net profit at Rs 5,329.77 crore in the second quarter (Q2) of financial year 2022-23 (FY23) on healthy core income supported by fall in bad loans.

Also, the income from investments during the quarter rose by 27%, adding to bank’s profit numbers further. The country’s third-largest private lender had posted a net profit of Rs 3,133.32 crore in the year-ago quarter.

Total income on standalone basis rose to Rs 24,180 crore in September quarter of 2022-23 as against Rs 20,134 crore in same period of 2021-22, Axis Bank said in a regulatory filing. Of this, the interest income during the quarter stood at Rs 20,239 crore, up by 24% from Rs 16,336 crore.

Bank’s income from investments rose at a good pace of over 27% to Rs 4,477.47 crore in the quarter, as against Rs 3,521.64 crore. Income from other sources such as forex and derivatives transactions, commission, fees and selling of third party products was up by a marginal 3.8 % at Rs 3,941.15 crore.

Consolidated net profit of the lender during the reported quarter stood at Rs 5,625.25 crore, up from Rs 3,382.78 crore in the year-ago period. Total income on consolidated basis was at Rs 25,258.80 crore as against Rs 20,966.61 crore.