Axis Bank, one of India's leading private sector banks, announced a 10% year-over-year increase in its second-quarter net profit to INR 5,863 crore on Wednesday. The bank's total income also saw a significant rise, escalating to INR 31,660 crore from INR 24,094 crore in the same period last year.
The bank's net interest income (NII) registered a growth of 19% at INR 12,315 crore. However, provisioning, an amount set aside to cover potential losses on loans, surged from INR 550 crore to INR 815 crore year-over-year.
Despite global market volatility, CEO Amitabh Chaudhry remains optimistic about India's economic growth. He cited a surge in pre-festivity demand as a key driver and anticipates steady growth across all major business verticals.
Following the release of the report, Axis Bank shares closed at INR 955.35 on the Bombay Stock Exchange (BSE), marking a slight decline of 0.84%.
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