Mumbai, Oct. 17 -- Axis Bank reported a 38 per cent year-on-year jump in standalone net profit to Rs 7,003 crore for the July-September quarter of FY27, supported by a sharp 52 per cent decline in provisions and improving asset quality, even as its core operating profit grew at a slower pace.

According to the bank's earnings release and investor presentation filed with the stock exchanges on Saturday, provisions and contingencies fell to Rs 1,694 crore from Rs 3,547 crore in the corresponding quarter last year.

The decline in provisions helped boost profitability despite operating profit rising only 6 per cent to Rs 11,083 crore.

However, the year-ago quarter included a one-time standard asset provision of Rs 1,231 crore, which contrib...