Provisions fell 6.8 per cent to Rs 2,927 crore.Axis Bank, country's third-biggest private sector lender by assets, on Friday posted a better-than-expected 82.6 per cent jump in second-quarter profit, boosted by higher interest income and as asset quality improved.
Net profit came in at Rs 790 crore ($108.95 million) for the three months ended September 30, compared with Rs 432 crore a year ago, above analysts' estimates of a net profit of Rs 741 crore, according to Refinitiv data.The bank also appointed Amitabh Chaudhry as managing director-designate effective November 19 to ensure "smooth transition" as Chief Executive Officer Shikha Sharma steps down at the end of December after being at the helm of Axis Bank for nine years.Axis also said Deputy managing director V Srinivasan will not seek re-appointment at the end of his current tenure on December 20.Net interest income rose 15 per cent to Rs 5,232 crore, backed by a 11 per cent growth in loans.Gross non-performing loans as a percentage of total loans stood at 5.96 per cent at end-Sept, compared with 6.52 per cent in the previous quarter and 5.90 per cent in the same period last year.Provisions fell 6.8 per cent to Rs 2,927 crore in the quarter, while bad loan additions slowed sharply to Rs 2,777 crore.Shares of Axis Bank closed up 1.4 per cent ahead of the results.($1 = Rs 72.51)