Axis Bank has reported first quarter net
profits of INR7.42bn ($159.1m), up 32% from the corresponding
period a year ago.
India’s 18th largest bank by
branches – Axis’ network grew to 1,050 units during the quarter –
posted fees revenue up 19% year-on-year while net interest income
grew by 45%.
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The daily average balances of savings deposits
during the quarter grew 39.3% year-on-year while current account
deposits increased by 37.3% from a year ago.
Axis’ net interest margin rose by 37 basis
points from the first quarter of fiscal 2010 to 3.71%.
Retail savings account customer numbers grew
by 10.6% from a year ago to total 8.33m at the end of the quarter
while total retail lending jumped by 25.6% to INR210.7bn, 19% of
the bank’s total lending book.
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