Indian lender Axis Bank reported a solid 91% YoY increase in standalone net profits to INR 41.2bn ($520mn) during the quarter ended June. The bank’s total income rose to INR 21.3bn ($2.7bn), up 12% YoY. Retail loans, Rural loans, and SME loans grew by 25%, 42%, and 27% respectively. The lender’s net interest income (NII) grew by 21% to INR 93.8bn ($1.2bn), offsetting the 11% decline in non-interest income to INR 30bn ($380mn). Loan loss provisions declined by 72.9% YoY to INR 7.7bn ($97mn) during the quarter. Net interest margins (NIM) rose 14bp YoY to 3.60%. The Indian bank’s overall asset quality improved, managing to reduce its net non-performing assets (NPAs) by 56bp YoY to 0.6% while gross NPAs improved by 109bp YoY to 2.76%. Axis’s Tier-1 capital adequacy ratio was at 15.2%, down 91bp YoY.

Axis Bank’s USD 4.1% Perp was down 0.07 points at 84,2, yielding 8.75%.

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