After two back-to-back lacklustre quarters, Axis Bank’s September-quarter (Q2) results have brought a much-needed relief because the numbers bettered expectations on multiple counts. Net interest income (NII) grew 20 per cent year-on-year to Rs 7,326 crore, while the lender reported a net profit of Rs 1,683 crore as against a net loss of Rs 112 crore in the year-ago quarter.
The figure is 51 per cent higher sequentially. The bank’s ability to grow its deposit book by 8.8 per cent and yet reduce the cost of funds by 100 basis points (bps) year-on-year to 4.6 per cent, ...
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