Axis Bank net profit rises 40%
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New Delhi: Private sector lender Axis Bank on Wednesday posted a 40.5 per cent increase in standalone net profit at Rs 5,797 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income. The bank had posted a net profit of Rs 4,125 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 30,644 crore as against Rs 21,657 crore, Axis Bank said in a regulatory filing. The lender's interest income also increased to Rs 25,557 crore from Rs 18,729 crore in the same quarter a year ago. The bank's Net Interest Income (NII) grew 27 per cent to Rs 11,959 crore while Net interest margin (NIM) for Q1FY24 improved to 4.10 per cent, up from 3.6 per cent in the same period a year ago.
