India's Axis Bank reported a higher-than-expected second-quarter profit on Thursday, helped by an increase in core lending income. The country's fourth-largest private lender by market value said its standalone net profit,

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.

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.

The country's fourth-largest private lender by market capitalisation said its standalone net profit - which excludes its subsidiaries - rose 18% to 69.18 billion rupees ($823.25 million) for the quarter ended Sept.

In terms of deposits, Axis Bank reported a 14% YOY increase, with term deposits soaring by 21% YOY. Current Account Savings Account (CASA) deposits saw a more modest growth of 4% YOY.

The robust profit growth was fuelled by a 24% rise in operating profits and a 10% increase in core operating profits year-on-year.

India's Axis Bank reported an 18% year-on-year rise in second-quarter profit on Thursday, helped by higher core lending income on the back of strong credit demand.

State-owned Central Bank of India on Thursday posted a 51 per cent jump in profit at Rs 913 crore in the second quarter ended September 2024. The lender had earned a net profit of Rs 605 crore in the same quarter a year ago.

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.