Axis Bank Ltd., a private bank offering both retail and corporate banking services, reported higher net profit for the third-quarter on increased net interest and non-interest income.
For the third quarter ended December 31, 2012, the Ahmedabad-based bank’s net profit was Rs.1,347.22 crore, higher by 22 percent than the net profit of Rs.1,102.27 crore reported for the same period last year. On per share basis, its quarterly earnings rose by 18 percent to Rs.31.42 from Rs.26.53 in the year-ago quarter.
Net interest income during the quarter grew by 17 percent to Rs.2,494.81 crore from the Rs.2,140.30 crore reported in the corresponding quarter last year.
Non-interest income for the quarter stood at Rs.1,615.37 crore, compared with Rs.1,429.81 crore reported in the same period last year, reflecting a 13 percent growth.
Operating profit for the quarter rose by 15 percent to Rs.2,361.51 crore from the Rs.2,059.20 crore in the prior- year quarter.
For the nine month period, the Bank reported a net profit of Rs.3,624.28 crore, compared with Rs.2,964.94 crore in the corresponding period in 2011, registering a 22 percent growth.
For the same period, net interest income rose by 19 percent to Rs.7,001.60 crore from the Rs.5,871.66 crore in the corresponding period last year. Non-interest income was Rs.4,543.94 crore, up by 19 percent from the Rs.3,832.60 crore for the nine months period ended December 31, 2011.
At the end of the third quarter, net non-performing assets as a proportion of net customer assets were 0.33 percent, down from 0.39 percent at the end of year-ago comparable quarter.
The bank’s capital adequacy ratio for the quarter increased to 13.73 percent from 11.78 percent at the end of the third quarter of last year.
Total deposits as at the end of December grew by 17 percent to Rs.244,501 crore from the Rs.208,693 crore as at the end of December 2011, while advances increased by 21 percent to Rs.179,504 crore as at the end December this year from the Rs.148,739 crore as at end December 2011.
At the BSE, Axis Bank shares are being traded at Rs.1,420.75, up Rs.34.95 or 2.52 percent on a volume of 355,000 shares.
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by RTT Staff Writer
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