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Axis Bank Q2 net profit rises 10% to Rs 5,863 crore

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New Delhi: Private sector lender Axis Bank on Wednesday reported a 10 per cent rise in net profit at Rs 5,863 crore for the September quarter.

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Axis Bank had reported a net profit of Rs 5,329 crore in the year-ago period.

The bank's provisioning increased to Rs 815 crore during the second quarter of the current fiscal, up from Rs 550 crore in the year-ago period.

Axis Bank's total income rose to Rs 31,660 crore during the quarter under review, from Rs 24,094 crore last year.

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The bank's Net Interest Income (NII) grew 19 per cent year-on-year to Rs 12,315 crore.

Axis Bank Managing Director and Chief Executive Officer Amitabh Chaudhry said in spite of a highly volatile global geopolitical landscape, the India story remains strong.

"With the upcoming festivities, we are already seeing a surge in demand, which augurs well for business. We are looking at steady growth for all major business verticals of the bank," Chaudhry said.

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Shares of Axis Bank closed at Rs 955.35 on Wednesday, down 0.84 per cent over previous close on the BSE.

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