New Delhi: Axis Bank has reported a growth of 88.67% (y-o-y) in its net profit for the first quarter ended June 2008 at Rs330.14 crore
This includes a provision of Rs225.20 crore on the depreciation of the bank’s investment portfolio, on account of weakening financial markets.
Net NPAs at the end of the recently concluded quarter stood at 0.47% of net customer assets and with a capital adequacy ratio of 13.25%. The quarterly EPS (diluted) at Rs9.03 was 51% higher than the EPS of Rs6 in the first quarter of the previous year.
The core businesses of the Bank have grown strongly in Q1, leading to an operating profit of Rs802.32 crore, a growth of 118% over the previous corresponding quarter. The Net Interest Income (NII) for recorded a y-o-y growth of 93% at Rs810.46 crore.
Growth in earnings comes on the back of the rapid expansion in advances that grew by 48% y-o-y. Further, the balance sheet size has grown by 44% y-o-y to Rs1,13,660.04 crore as at end June08 from Rs79,109.04 crore as at end June07.
However, the stock at Rs645 levels slipped 3.7% or Rs25 in a weak Mumbai market.