Axis Bank’s quarterly net profit jumps 36 percent
By IANSMonday, January 17, 2011
MUMBAI - Helped by higher interest revenues, Axis Bank, India’s third largest private bank, Monday reported a 36 percent increase in its net profit for the third quarter of the current fiscal year at at Rs.891 crore.
The bank’s total income increased by 28.77 percent to Rs.4,986.02 crore in the third quarter of fiscal 2010-11 from Rs.3,871.74 crore in the corresponding quarter a year ago, a bank statement said.
Net interest income (NII) in the quarter under review rose by 28.47 percent to Rs.1,733 crore from Rs.1,349 crore in the corresponding period of last fiscal.
The bank also managed to reduce its gross non-performing assets to 1.09 percent from 1.23 percent in the quarter ended Dec 31, 2009, according to the statement.
The bank’s net profit in the first nine months of the current fiscal also showed a rise at Rs.2,368.38 crore from Rs.1,749.66 crore during the like period of 2009-10.
The Axis bank scrip moved up 2.18 percent at Rs.1,227.55 in Monday trade at the Bombay Stock Exchange.
