Axis Bank Standalone Profit Soars 23% in Q1

Axis Bank reported a 23% year-on-year jump in standalone net profit to Rs 7,114 crore for the June quarter, up from Rs 5,806 crore a year ago. Net interest income rose 8% to Rs 14,646 crore on a 19% expansion in gross advances to Rs 12.62 lakh crore, while provisions fell 44% to Rs 2,223 crore. Net interest margin however compressed to 3.46% from 3.8%, and other income slipped 7% on a 62% drop in trading income.