Axis Bank Q2 net rises 36% to ₹432 cr.

Private sector lender Axis Bank reported a close to 36% increase in net profit to ₹432 crore in the second quarter ended September despite rise in bad loans.

The bank had posted a net profit of ₹319 crore for the July-September period of 2016-17.

Total income increased to ₹13,821 crore in the period under review from ₹13,698.7 crore for the quarter ended September 30, 2016, Axis Bank said in a statement.

Gross non-performing assets (NPAs) of the bank rose to 5.9% as compared with 4.17% in the same period a year earlier. At the same time, net NPAs also inched up to 3.12% as against 2.02% in the same quarter of the previous fiscal. As a result, gross NPAs shot up in absolute terms to ₹27,402 crore (₹16,379 crore). Gross NPA additions for the second quarter stood at ₹8,936 crore, of which corporate slippages were ₹8,110 crore.

Source