Axis Bank, India's fourth largest lender according to market capitalization, on Tuesday reported strong earnings growth for the October to December quarter. Net profit jumped 22 per cent year-on-year jump to Rs 1,347 crore against Rs 1,102 crore a year ago.
Net interest income, which is the difference between interest earned on loans and interest paid out on deposits, rose to Rs 2,490 crore, a jump of over 16 per cent from Rs 2,140 crore in the corresponding quarter last year.
A poll of brokers' conducted by NDTV Profit had seen net profit at Rs 1,264 crore and NII at Rs 2,442 crore.
Axis Bank said other income rose sharply by 13 per cent to Rs 1,620 crore against Rs 1,430 crore a year ago.
Net provisions for bad loans came down by over 8 per cent to Rs 387 crore against Rs 422 last year.
Shares in Axis Bank traded 1.3 per cent higher at Rs 1,404.20 on the BSE at 1.55 p.m. against a 0.07 per cent gain in the broader BSE Bankex.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
