Axis Bank Q1 net up 27%

Axis Bank on Friday said its net profit for the quarter ended June 30 rose 27 per cent to Rs 942.3 crore from Rs 741.9 crore a year earlier. Higher fee income and lower provisions, owing to improving asset quality, aided the bank's earnings during the quarter.

Net interest income, or the difference between interest income and interest expenditure, rose to Rs 1,724 crore—a 14 per cent rise compared to the net interest income in the year-ago period.

The net interest margin declined by 43 basis points from a year earlier and 16 basis points sequentially to 3.28 per cent.

Source: Business Standard