Axis Bank on Wednesday reported a 41 per cent rise in net profit for the quarter ended June 30, 2023 to Rs 5797 crore compared to Rs 4125 crore in the corresponding quarter of previous year.

Net profit was aided by a 27 per cent rise in net interest income at Rs 11,959 crore and a 74 per cent jump in other income comprising fee-based income and trading income.

There was an improvement in asset quality with gross NPA at 1.96 per cent as on June 30, 2023 compared to 2.76 per cent as on June 30, 2022. The bank’s provision coverage ratio as proportion of gross NPA as on June 30, 2023, stood at 80 per cent as compared to 77 percent as of June 30, 2023.

The private sector lender said that it has seen the rural loan book, small business banking loans and mid-corporate loans grow by 22 per cent, 46 per cent and 38 per cent respectively during the quarter on a year on year basis.

The bank also said that during the quarter, the share of digital transactions stood at 95 per cent of the total financial transactions by individual customers.

“We have been consistently raising the bar — strengthening our digital capabilities and building on our robust pipeline of products and services, while keeping customer centricity at the core of every initiative….we are geared up and confident of delivering sustainable growth across all our priority businesses,” said Amitabh Chaudhry, MD and CEO, Axis Bank.

PNB net

Punjab National Bank has posted a four-fold surge in standalone net profit at Rs 1,255 crore in the April-June quarter, mainly due to a decline in bad loans and improvement in interest income.

The country’s second-largest lender had posted a net profit of Rs 308 crore in the year-ago period.

Shares of the bank moved up 4 per cent on Wednesday.