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 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.

Net interest income - the difference between interest earned on loans and that paid on deposits - a key source of income for banks, grew 9% year-on-year to ₹13,483 crore. Net interest margins for the September quarter basis eased to 3.

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,

Central Bank of India is currently trading at Rs. 58.92, up by 1.53 points or 2.67% from its previous closing of Rs. 57.39 on the BSE.

State-owned Indian Overseas Bank (IOB) on Thursday posted a 24 per cent surge in net profit to Rs 777 crore in the second quarter ended September 2024

India's Axis Bank reported a bigger-than-expected rise in second-quarter profit on Thursday, helped by higher core lending income on the back of strong credit demand. The country's fourth-largest private lender by market capitalisation said its standalone net profit - which excludes its subsidiaries - rose 18% to 69.