Axis Bank, one of the largest private sector lenders, on Friday reported growth of 18.23% in its net profit for the quarter ended Sept. 30, 2014. The bank earned a profit of Rs 16.11 billion for the quarter ended Sept. 30, 2014. Analysts on average had predicted net profit of Rs 16.12 billion.

The bank's quarterly income totalled at Rs 105.5 billion, an increase of 12.53% over Rs 93.75 billion in the same period a year ago.

The bank has made provision of Rs 7.25 billion, which was lower by 5.46% from prior year period.

The bank's net interest income (NII) rose 20% YOY to Rs 35.25 billion during Q2FY15 from Rs 29.37 billion during Q2FY14.

Savings bank deposits recorded a healthy growth of 20% YoY to reach Rs 798.75 billion as on Sept. 30 2014, while current account deposits grew 8% YoY and stood at Rs 464.92 billion. On a daily average basis, savings bank deposits in H1FY15 grew 19% YoY, while current account deposits grew by 10% YoY. CASA deposits, on a daily average basis, during H1FY15 grew 16% YoY constituting 40% of total deposits, compared to 39% during the same period last year.

During Q2FY15, the bank added 84 branches to its network across the country and at the end of Sept. 30, 2014, it had a network of 2,505 domestic branches and extension counters and 13,146 ATMs situated in 1,686 centres, compared to 2,225 domestic branches and extension counters and 11,796 ATMs situated in 1,502 centres last year.

Shares of the bank gained Rs 8.05, or 2.04%, to settle at Rs 401.95. The total volume of shares traded was 586,565 at the BSE (Friday).