Axis Bank Q2 profit rises 19% to Rs 1,916 crore

Private sector lender Axis Bank on Tuesday reported a 18.93 per cent increase in its net profit at Rs 1,915.64 crore for the second quarter ended September 30. The bank’s net profit in the corresponding quarter of the previous fiscal stood at Rs 1,610.71 crore. “Total income has increased to Rs 12,001.01 crore during the quarter under review, from Rs 10,549.97 crore earned a year ago,” Axis Bank said in a regulatory filing. The asset quality of the bank, however, slipped a tad as gross non-performing assets (NPAs) or bad loans rose to 1.38 per cent of gross advances as of September 2015 as against 1.34 per cent a year ago. Likewise, net NPAs as a percentage of net advances during the second quarter stood at 0.48 per cent as against 0.44 per cent. Further, the bank said that during the ensuing quarter it acquired the entire share capital of Axis Securities Europe Ltd for a consideration of Rs 19.02 crore from Axis Capital Ltd.