Axis Bank profit rises 38% as loans grow and bad-loan ratio falls
Axis Bank reported quarterly net profit of 70.03 billion rupees, up 38% from 50.90 billion rupees a year earlier, in its October 17 results release.
Net interest income rose 12% to 153.71 billion rupees for the quarter ended September 30. The Indian bank reported a net interest margin of 3.36%.
Loans grew 23% from a year earlier and period-end deposits increased 21%. Retail lending rose 16%, while corporate loans expanded 34%.
The bad-loan share fell. Gross nonperforming loans were 1.16% of loans at September 30, compared with 1.46% a year earlier; the net ratio declined to 0.35% from 0.44%. The bank therefore reported loan growth alongside a lower proportion of troubled credit.
Photograph: Axis Bank in Mysore, by Christopher J. Fynn, Wikimedia Commons, CC BY-SA 4.0. Cropped from the May 23, 2015 photograph; crop licensed under CC BY-SA 4.0.