Axis Bk posts Rs 1.7k crore profit for Sept qtr

MUMBAI: Axis Bank has reported a net profit of Rs 1,682 crore for the quarter ended September as against a loss of Rs 112 crore in year-ago period. Profits were up on the back of a 20% jump in net interest income and a higher fee income.
The lender’s deposits stood at Rs 6.35 lakh crore at the end of the quarter, up 8% from Rs 5.84 lakh crore in the year-ago period.The bank’s advances stood at Rs 5.76 crore, up 9% from the previous year. The slower deposit growth and continued growth in advances helped the bank shrink its interest costs and bring down interest expenses. “This quarter we have set aside Rs 3,142 crore of additional provisioning and our total provisions stand at Rs 10,839 crore over and above our provision coverage ratio,” said Axis Bank MD & CEO Amitabh Chaudhry.