Axis Bank Standalone Profit Soars 23% in Q1

Axis Bank reported a 23 percent year-on-year jump in standalone net profit to 7,114 crore for the June quarter, up from 5,806 crore a year ago, with pre-provision operating profit at 11,659 crore. Provisions fell 44 percent YoY to 2,223 crore, and net interest income rose 8 percent to 14,646 crore supported by 19 percent growth in gross advances to 12.62 lakh crore. However, net interest margin compressed to 3.46 percent from 3.8 percent, and other income slipped 7 percent as trading income halved.