Axis Bank's first quarter (April-June) earnings disappointed the street on all counts with the profit falling 21.4 percent to Rs 1,555.5 crore on yearly basis, impacted by sharp surge in provisions. However, it was supported by other income and operating profit.
Net interest income, the difference between interest earned and interest expended, grew by 11.4 percent to Rs 4,516.92 crore in the quarter ended June 2016 compared with Rs 4,056.23 crore in same period last fiscal.
The bank said net advances grew 21 percent YoY, led by retail, which grew 24 percent YoY and followed by corporate credit which grew 21 percent YoY.
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