Private lender, Axis Bank, on Friday reported a 83 percent year-on-year jump in net profit at Rs 789.6 crore in the second quarter ended September 2018, boosted by higher interest income and as asset quality improved.

The bank had a net profit of Rs 432.38 crore in the July-September quarter of last fiscal 2017-18.

CNBC-TV18 poll had predicted profit at Rs 588.2 crore for the quarter under review.

Net interest income (NII) of the bank increased 15.3 percent to Rs 5,232.11 crore during the quarter under review against Rs 4,539.62 in the same quarter last year.

Provisions fell 6.8 percent to Rs 2,927.38 crore. Gross non-performing loans as a percentage of total loans stood at 5.96 percent at end-September, compared with 6.52 percent in the previous quarter and 5.90 percent in the same period last year. Fresh slippages fell 69 percent to Rs 2,777 crore.

(With inputs from Reuters)

First Published:Nov 2, 2018 4:16 PM IST