Private-sector Indian bank, Axis, has reported a strong first
half year net profit of INR14.8bn ($333.6m), up 35% from the
corresponding period a year ago.

Second quarter profits, for the three months
ending in September, increased by 39% to INR7.4bn.

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The number of retail savings bank accounts
grew year-on-year by 871,000 to 8.7m.

Retail deposits soared to INR378.1bn, a 35%
increase from a year ago while total deposits were 36% ahead at
INR1.5trn.

But the bank’s low cost deposits CASA ratio
decreased by 1 percentage point to 42%.

On a positive note, the bank’s net interest
margin in the second quarter of 3.68% was up 9 basis points from a
year ago

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Retail advances rose 17% to INR210bn and now
account for 19% of the bank’s total loan book.

The bank issued 2.8m more debit cards in the
six months to September 2010, taking the total to 16m.

It expanded its distribution network by 53
branches and 372 ATMs, and now operates 1,103 outlets and has 4,846
ATMs.