India's Axis Bank reported a higher-than-expected second-quarter profit on Thursday, helped by an increase in core lending income. The country's fourth-largest private lender by market value said its standalone net profit,

Axis Bank, on Thursday reported a Q2 net profit at ₹6,918 crore, up 18% on a year-on-year (YoY) results basis and 15% sequentially, supported by steady margin and core income growth.

Shares of Axis Bank soared over 4% following a significant quarterly net profit increase of 19.29%. The third largest private lender's earnings were bolstered by a 9% growth in net interest income and a 34% rise in non-interest income,

The country's fourth-largest private lender by market capitalisation said its standalone net profit - which excludes its subsidiaries - rose 18% to 69.18 billion rupees ($823.25 million) for the quarter ended Sept.

The robust profit growth was fuelled by a 24% rise in operating profits and a 10% increase in core operating profits year-on-year.

Shares of Axis Bank surged nearly 6% after reporting a 19.29% increase in net profit for the September quarter. The bank's core net interest income grew by 9%, and non-interest income rose by 34%. Axis Bank reported strong performance despite challenges in the unsecured lending segment.

India's Axis Bank reported an 18% year-on-year rise in second-quarter profit on Thursday, helped by higher core lending income on the back of strong credit demand.

Shares of private lender Axis Bank zoomed nearly 5 per cent after reporting its Q2 FY 2024-25 results. Global brokerage firm Bernstein said there is little to cheer about the Q2 results. Read on to know what Nomura and Bernstein said and what target prices they have set for the banking stock.

Slippages for the September quarter were ₹4,443 crore, of which ₹4,073 crore were from the retail loan segment, ₹264 crore from commercial banking loans and another ₹106 crore from wholesale loans, the bank said.

MUMBAI: The third largest private sector lender Axis Bank has reported an 18 percent on-year growth in net income at Rs 6,917.57 crore for the September quarter, driven by higher interest income as its loan sales rose which pushed its net interest income by a healthy 10 percent.