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Axis Bank Q1 profit up 19% at Rs 1,978 crore

Axis Bank ATM

Mumbai: Private sector Axis Bank today reported a 18.70 per cent growth in net profit at Rs 1,978.44 crore for the first quarter ended June 30.

The bank had earned a net profit of Rs 1,666.76 crore in the April-June quarter of last fiscal, Axis Bank said in a BSE filing.

Total income of the bank improved to Rs 12,234.41 crore as against Rs 9,980.47 crore in the same period last year.

During the quarter, the interest income rose to Rs 9,936.14 crore from Rs 8,289.42 crore in the same period a year ago.

Bank’s other income (non-interest revenue) increased to Rs 2,298 crore as compared Rs 1,691 crore April-June quarter of last fiscal.

As of June 30, Axis Bank’s gross non-performing assets (NPAs) increased marginally to 1.38 per cent of advances as against 1.34 per cent at the end of first quarter last fiscal.

Net non-performing assets also rose to 0.48 per cent as against 0.44 per cent as on June 30, 2013.

The bank’s Gross NPA in absolute term rose to Rs 4,251 crore as compared to Rs 3,463 crore at the end of June 2014.

Shares of Axis Bank was trading at Rs 589.95 per unit, up 1.04 per cent during afternoon trade on BSE.

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