Axis Bank’s profit rises

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⭐ Axis Bank’s profit rises 

Axis Bank reported 28% year-on-year rise in its core operating revenue to ₹14,387 during the September quarter. Meanwhile, its net profit saw a rise of 70% YoY to ₹5,330 crore. Its net interest income rose 31% to ₹10,360 crore, while gross NPA improved to 2.5% from 2.7%.

⭐ Coforge delivers stellar performance 

Mid-tier tech firm Coforge delivered a strong quarterly performance. Its total revenue rose by 24.8% YoY to ₹1,959 crore, while net profit saw a jump of over 37% to ₹201 crore. The total order intake stood at $304 million, the third consecutive quarter of deal wins worth over $300 million. The company also announced an interim dividend of ₹13 per share.

⭐ Bank credit sees robust growth

According to data released by the Reserve Bank of India (RBI), bank credit grew by 17.9% YoY to ₹128.6 trillion as of 7 October. Meanwhile, deposits increased 9.6% YoY to ₹172.7 trillion. Credit demand from the retail segment rises during the festive season, while corporate borrowing picks up just before the end of the second quarter.

Global markets (at 7:30 AM today)

Fact of the day

Luxury car maker Rolls-Royce unveiled its first electric car called Spectre, which offers a range of over 500 km.

Source: Business Today