Top headlines: Axis Bank Q2 net jumps 70%; Bajaj Finance Q2 net surges 88%

Top headlines: Axis Bank Q2 net jumps 70%; Bajaj Finance Q2 net surges 88%

Axis Bank’s Q2 net profit jumps 70% to Rs 5,330 cr as provisions slide

Private lender Axis Bank reported a better-than-expected 70% jump in second-quarter profit on Thursday, as bad loan provisions slid and asset quality improved.

Net profit rose to Rs 5,330 crore in the three months to Sept. 30 from Rs 3,133 crore a year ago, Mumbai-based Axis Bank said in an exchange filing. READ MORE.

Bajaj Finance beats estimates as Q2 net profit surges 88% to Rs 2,781 cr

Bajaj Finance Ltd reported a record quarterly profit on Thursday, beating estimates on improved demand for loans and better asset quality.

Demand for credit has remained strong in India despite a series of interest rate hikes by the central bank in its fight against inflation, with both banks and shadow lenders reporting strong lending growth as consumers look to make more purchases. READ MORE.

Asian Paints’ Q2 net profit rises 33% to Rs 804 cr; revenue up 19%

Asian Paints on Thursday reported 32.83 per cent rise in consolidated net profit at Rs 803.83 crore for the second quarter ended September 30, 2022 driven by robust sales.

The company had posted a net profit of Rs 605.17 crore in the same quarter last fiscal year, Asian Paints said in a regulatory filing.

Revenue from operations stood at Rs 8,457.57 crore in the quarter under review as compared to Rs 7,096.01 crore in the year-ago period, it added. READ MORE.

Canara Bank Q2 profit jumps 89% to Rs 2,525 cr, asset quality improves

Canara Bank reported on Thursday an 89 per cent jump in net profit to Rs 2,525 crore in July-September (Q2 FY23), aided by higher net interest income that came on the back of a healthy growth in advances.

In the year-ago period, the state-owned lender had reported a net profit of Rs 1,333 crore. The Bengaluru-based bank said it has shifted to a new tax regime resulting in a deferred tax reduction of Rs 2,451 crore. READ MORE.

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First Published: Thu, October 20 2022. 17:50 IST

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