Indian private lender Axis Bank Ltd on Monday reported a 61.9% rise in quarterly profit, as strong loan growth boosted interest income.

Net profit rose to 58.53 billion Indian rupees ($719.53 million) in the three months ended Dec. 31 from 36.14 billion rupees a year earlier, Mumbai-based Axis Bank said in an exchange filing.

Analysts on average had expected the bank to report a profit of 54.43 billion rupees, according to Refinitiv IBES data.

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