Results of the Axis Bank Q2: Private lender Axis Bank reported an 83 percent rise in net income for the quarter to Rs. 789.61 billion on Friday, thanks to healthy growth in basic income and a reduction in bad debt provisions. According to the exchange report of the bank Axis, the bank had recorded a net profit of 432.38 billion rupees during the corresponding period of last year.
In the second quarter, the bank's total income amounted to Rs 15,959.37 crore, compared with Rs 13,820.62 crores during the same period last year. Net interest income increased 15% year-over-year to 2,542 crores against 2,220 crores.
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Compared to 3.12% the previous year, net non-performing assets (NPAs) fell to 2.54% as of September 30, 2018. Nevertheless, the gross NPAs have deteriorated from 5.90% to 5%. 96% of gross advances. there is the quarter. Provisions and provisions for the reporting period decreased to R $ 2,927.38 crore, compared with R $ 3,140.41 crore for the September 2017-2018 quarter.
In the meantime, the bank has also approved the appointment of Amitabh Chaudhry as the appointed Managing Director of the Bank, effective from November 19, 2018 to December 31, 2018. "The Board of Directors of the Bank held its Today, in accordance with the recommendation of the Nominating and Compensation Committee of the Board of Directors of the Bank, approved the appointment of Shri Amitabh Chaudhry to the post of "designated general manager" at the management position of the Bank, effective November 19, 2018. December 31, 2018 (both days included), "said the bank.
Shares of Axis Bank ended the day at 1.26%, at Rs 609.95 on BSE.