ICICI, Kotak, Axis, YES Bank post double-digit Q1 profit growth; HDFC Bank lags
ICICI Bank, Axis Bank, Kotak Mahindra Bank, and YES Bank reported double-digit profit growth for Q1, with YES Bank leading at a 34% increase to ₹1,071 crore. This performance was driven by strong loan growth and a significant rise in net interest income, while HDFC Bank lagged with only a 5% profit increase, failing to meet analyst expectations. Public sector lender Punjab National Bank also saw a three-fold profit increase, attributed to a prior tax provision affecting year-ago results.