Axis Bank Q2 net goes up by 77%

Axis Bank Q2 net goes up by 77%


Mumbai: A robust growth in low-cost deposits and fee-based income has helped leading private sector lender Axis Bank to clock a 76.8% growth in net profit for the quarter ended 30 September.

Net profit grew to Rs402.91 crore in the second quarter as compared to Rs227.82-crore in the year-ago period while total Income rose to Rs3239.45 crore from Rs2059.37 crore in the same period in last year, the bank said in a press statement issued here today.

Fee-income, during the period, jumped by 91% to Rs626.77-crore as against Rs327.65-crore. Axis’ current and savings account deposits went up by 36% and 49% respectively year-on-year, the bank said.

Net advances in Q2 registered a growth of 54% y-o-y while its retail loan portfolio alone grew by 55%, the bank said.

The operating profit and net interest income of the bank jumped by 89% and 55% to Rs874.43 crore and Rs913.47 crore respectively, the bank said.

During the period, the lender’s balance sheet grew by 53% year on year on year basis to Rs1,27,786.39 crore as on September-end compared to Rs83,548.88-crore in the same period in last year.

The non-performing assets (NPA) of the bank during the period improved to 0.43% from 0.55% in the same period in previous year, it said.

Similarly, the gross NPAs also declined to 0.91% from 0.95% in the previous year, the bank said.

The bank has a capital adequacy ratio of 12.2% as on 30 September 2008 as compared to 17.59% in the corresponding period in the last fiscal.