JOIN US Private sector lender Axis Bank has reported a 18.93 per cent increase in net profit for the second quarter ended September 30, 2015, at Rs 1,915.64 crore as against Rs 1,610.71 crore in the same quarter last year.
Net interest income for the bank also increased 15.24 per cent to Rs 4,062.09 crore as against Rs 3524.85 crore in the comparable quarter.
Provisions for the bank were marginally lower during the quarter at Rs 707.17 crore compared with Rs 725.04 crore in the same period last year. Asset quality for the bank slipped marginally with gross non performing asset ratio at 1.38 per cent compared with 1.34 per cent a year ago, and net NPA ratio at 0.48 per cent compared with 0.44 per cent a year ago. Provsions during the quarter dipped to Rs 707.17 crore compared with Rs 725.04 crore a year ago. Tax expenses during the quarter jumped 21.6 per cent to Rs 1,005.14 crore compared with Rs 826.55 crore in the comparable quarter.
During the period, the bank acquired the entire share capital of Axis Securities Europe for Rs 19.02 crore from Axis Capital, a wholly owned subsidiary of the bank.