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Axis Bank FY 08 net profit up 63%
New Delhi, April 22, 2008
Buoyed by a robust growth in its fee and net interest
incomes, private sector lender Axis Bank has clocked a 62.5
per cent jump in its net profit for the fiscal ended March 31.
Net profit grew to Rs 1,071.03-crore during the year as
compared to Rs 659.03-crore in the year-ago period while the
net interest income during the period, shot up to Rs
2,585.35-crore from Rs 1,468.33-crore in the previous year,
the bank said in a statement here today.
The bank attributed the strong growth in net interest income
to a substantial increase in the yield on advances and lower
cost of funds, on account of a healthy growth in the current
and savings bank deposits.
The share of savings bank and current account, during the
period, increased to 46 per cent from 40 per cent as at March
31, 2007.
The net and gross non-performing assets of the bank stood at
0.36 per cent and 0.72 per cent respectively as compared to
0.42 per cent and 0.80 per cent a year back, it said.
During the period, retail advances jumped to Rs 13,592-crore,
up 52 per cent, from Rs 8,928-crore in the previous fiscal
while, the bank said.
Total advances stood at Rs 59,661-crore, up 62 per cent, from
Rs 36,876-crore a year-ago while total deposits of the lender
stood at Rs 87,626-crore, registering a 49 per cent growth,
from Rs 58,786-crore in the previous fiscal, it said.
For the quarter ended March 31, the bank achieved a net profit
of Rs 361.40-crore, up 71 per cent, as compared to Rs
211.89-crore in Q4 in the preceding year, the bank said.
Net interest income, during the quarter, went up to Rs
828.43-crore from Rs 438.97-crore, while operating profits
rose to Rs 722.84-crore from Rs 397.04-crore a year-ago, the
bank said.
Axis Bank`s total income for the quarter ended March 31, 2008
stood at Rs 2571.90 crore as compared to Rs 1642.61 crore in
the same period a year ago.
During the year, the number of savings bank accounts grew from
47.31-lakh as on March 31, 2007 to 61.64-lakh as on March 31,
2008, the bank said.
Similarly, the bank`s international debit card issuance rose
to Rs 86-lakh debit cards, during the period, from 59-lakh in
the previous year.
The board of directors, which met today, recommended a
dividend of Rs 6 per share for the year ended March 31, 2008,
the bank said.
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