November 2, 2018 / 10:54 AM / 12 days ago

India's Axis Bank Q2 profit jumps nearly 83 pct, beats estimates

Nov 2 (Reuters) - Axis Bank Ltd, India’s third-biggest private sector lender by assets, on Friday posted a better-than-expected 82.6 percent jump in second-quarter profit, boosted by higher interest income and as asset quality improved.

Net profit came in at 7.90 billion Indian rupees ($108.95 million) for the three months ended Sept. 30, compared with 4.32 billion rupees a year ago.

Analysts had expected a net profit of 7.41 billion rupees, according to Refinitiv data.

Provisions fell 6.8 percent to 29.27 billion rupees. Gross non-performing loans as a percentage of total loans stood at 5.96 percent at end-Sept, compared with 6.52 percent in the previous quarter and 5.90 percent in the same period last year. ($1 = 72.5100 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Vyas Mohan)

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