Private sector lender Axis Bank Thursday reported a 70 per cent growth in its standalone net profit at Rs 5,330 crore in the second quarter ended September 2022 compared to Rs 3,133 crore in the year-ago period. Its net interest income (NII) grew by 31 per cent to Rs 10,360 crore and net interest margin (NIM) stood at 3.96 per cent in the reporting quarter.The bank’s gross non-performing assets (GNPA) ratio declined to 2.5 per cent from 3.53 per cent and net NPA reduced to 0.51 per cent from 1.08 per cent. Its loan loss provisions for the second quarter dipped 19 per cent to Rs 751 crore from Rs 927 crore in the year-ago period. Net advances grew 18 per cent to Rs 7,30,875 crore.
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The bank’s managing director and CEO Amitabh Chaudhry said the transaction is expected to complete by the end of the fourth quarter of fiscal 2023.
In March, Axis Bank said it would acquire Citibank’s consumer business for Rs 12,325 crore. “The progress on customer communication, operational readiness and the performance of existing Citibank’s consumer business is trending in line with our expectations,” he said.
