Axis Bank profit rises 35% to Rs.432 cr in Sept quarter

Axis Bank profit rises 35% to Rs.432 cr in Sept quarter

Axis Bank profit rises 35% to Rs.432 cr in Sept quarter

The stock slumped 9.52 per cent to settle at Rs 464.35 on BSE. Axis Bank reported a almost 36% increase in net profit at Rs 432 crore in the second quarter ended September but said their gross non-performing assets (NPAs) of the bank rose to 5.90% as compared to 4.17% in the same period a year ago. During the day, it plummeted 10 per cent to Rs 461.65.

Axis Bank reported a profit of Rs.432 crore for September quarter, a 35.51% year-n-year jump.

The company's net interest income (NII) inched up by one per cent to Rs 4,540 crore in the second quarter of 2017-18 from Rs 4,514 crore during the same quarter past year.

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The company's market valuation also dropped by Rs 11,709.33 crore to Rs 1,11,338.67 crore.

Axis Bank share price fell as much as 7.4 percent in morning trade Wednesday as analysts slashed target price on the stock after the sharp spike in Q2 slippages.

The company has posted net profit of Rs.27.62 crores for the period ended September 30, 2017 as against Rs.16.06 crores for the period ended September 30, 2016. The net NPA ratio too rose to 3.12 percent against 2.3 percent quarter on quarter.

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Its gross non-performing assets ratio moved up to 1.80 per cent from the 1.75 per cent previous year and as a result fresh slippages came in at Rs 77.5 crore and were driven by the retail loans, including mortgages and commercial vehicles, Natrajan said.

Percentage of gross non-performing assets (NPA) increased to 5.90 per cent from 5.03 per cent in the sequential quarter ended June 30, 2017.

This is unedited, unformatted feed from the Press Trust of India wire.

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