Axis Bank Q2 net profit rises 36%

Axis Bank Q2 net profit rises 36%

The Board of Directors of Axis Bank Limited approved the financial results for the quarter and half-year ended 30th September 2017 at its meeting held in Mumbai on Tuesday, 17th October 2017.

Net profit for Q2FY18 grew 36% YOY to Rs.432 crores, for H1FY18 Net profit stood at Rs.1,738 crores.

The Bank’s Net Interest Income (NII) grew 1% YOY to Rs.4,540 crores during Q2FY18 from Rs.4,514 crores in Q2FY17. Net interest margin for Q2FY18 stood at 3.45%. NII for H1FY18 too rose 1% YOY to Rs.9,156 crores from Rs.9,031 crores in H1FY17.

The Bank’s Balance Sheet grew 13% YOY and stood at Rs.6,35,316 crores as on 30th September 2017. The Bank’s Advances grew 16% YOY to Rs.4,10,171 crores as on 30th September 2017.

CASA Deposits grew 24% YOY and constituted 50% of total deposits as at the end of 30th September 2017.Savings Account Deposits and Current Account Deposits grew 21% and 28% YOY.

As on 30th September 2017, the Bank’s Gross NPA and Net NPA levels stood at 5.90% and 3.12% respectively.

Network
During Q2FY18, the Bank added 100 branches to its network across the country. As on 30th September 2017, the Bank had a network of 3,485 domestic branches and extension counters situated in 2,033 centres compared to 3,106 domestic branches and extension counters situated in 1,920 centres last year.