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Axis Bank net profit up 22%

Mumbai, July 17: Axis Bank today reported a mixed set of numbers for the first quarter ended June 30 when its net profit grew 22 per cent to Rs 1,153.52 crore in line with expectations.

However, the quarter was marked by a rise in non-performing loans. The country’s third largest private sector bank had posted a net profit of Rs 942.35 crore in the same period last year.

The bank’s bottomline was boosted by a strong showing on its loan book as well as a 114 per cent surge in its trading income to Rs 150.23 crore (Rs 70.23 crore).

Fee income earned from selling third party products rose 9 per cent to Rs 1,154.35 crore, underpinning the bank’s performance.

Net interest income (NII), which is the difference between interest earned and interest paid, grew a strong 26 per cent to Rs 2,179.86 crore from Rs 1,724.10 crore in the first quarter of last fiscal. However, the slowdown in the domestic economy was also reflected in the numbers as gross non-performing assets (NPAs) climbed.

Gross NPAs in absolute terms rose to Rs 2,091.72 crore from Rs 1,806.30 crore in the preceding three months.

Though the percentage of gross NPAs at 1.06 per cent remained the same on a year-on-year basis, it showed a rise over the fourth quarter ended March 31, 2012. Axis Bank said there was an addition of Rs 456 crore to gross NPAs.

 
 
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