Axis Bank Q2 profit up 38% on loan growth
Axis Bank has showcased impressive results with a 38% surge in net profit for the quarter ending in September. This significant growth stems from strong loan demand and enhanced asset quality. The bank's net interest income increased by 11.8% year-on-year, totaling 15,371 crore, while overall advances rose by 23% compared to the previous year. The stability in the bank's net interest margin…
Mumbai's ICICI Bank experienced a notable 20% surge in its profit in the second quarter, driven by a substantial increase in net interest income (NII). The lender's standalone net profit rose to 19,510 crore from 18,640 crore a year earlier, buoyed by higher NII and a growing loan book. NII grew by 9.7% year-over-year to 34,620 crore, despite a softening in asset yields, which dampened core profitability.
The bank's net interest margin (NIM), which measures core profits, dipped slightly to 3.16% from 3.27% a year earlier, while return on assets also declined to 1.78%. The uncertainty surrounding leadership succession has impacted the bank's market capitalization, which has plummeted by 27% in the past year.
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