Axis Bank, India's new age private sector bank, announced financial results for the second-quarter, reporting a higher stand-alone net profit on an increase in net interest income and non-interest income.
The Ahmedabad-based bank posted second-quarter stand-alone net profit of Rs.531.64 crore or Rs.14.38 per share, compared with Rs.402.91 crore or Rs.11.07 per share reported for the same period last year. Net profit and earnings per shares grew by 32% and 30% respectively.
Net interest income during the quarter grew 26% to Rs.1,149.68 crore from Rs.913.47 crore reported in the corresponding quarter last year.
For the quarter, non-interest income was Rs.1,065.58 crore, up 53% from Rs.694.40 crore reported in the same period last year.
Total income during the quarter was Rs.3,925.94 crore, up 21% from Rs.3,239.45 crore in the prior year quarter.
Operating profit, before provisions and contingencies, rose 49% to Rs.1,305.75 crore from Rs.874.43 crore in the preceding year quarter.
For the first half year, the bank's standalone net profit grew 49% to Rs.1,093.68 crore from Rs.733.05 crore in the corresponding period last year.
For the six-month period, net interest income rose 27% to Rs.2,195.31 crore from Rs.1,723.93 crore last year, while non-interest income was Rs.2,024.15 crore, up 53% from Rs.1,319.20 crore in the previous year.
Total income during April-September period was Rs.7,790.07 crore, up 27% from Rs.6,130.69 crore in 2008.
The gross NPA as at the end of September 2009 was Rs.1,131.74 crore, up 59% from Rs.710.20 crore as at September 30, 2008, while gross non-performance Assets as a proportion of gross customer assets were at 1.21%, down from 0.91% at the end of September 2008.
The net NPAs as at September 30, 2009 increased 24% to Rs.416.74 crore from Rs.336.68 crore at the end of September 2008, whereas the proportion of net customer assets were at 0.45% as at the end of September 2008, down from 0.43% in the previous year quarter.
The capital adequacy ratio of the bank rose to 16.47% from 12.20% as on September 30, 2008.
The company said its board had approved a proposal to set up a non-banking financial company as a wholly owned subsidiary to carry out investment and lending activities with focus on infrastructure and other activities as permitted by Reserve Bank of India.
At the BSE, Axis Bank closed Monday's trading at Rs.1,012.75, up by Rs.16.55 or 1.66% on volume of 4.86 lakh shares. The scrip touched an intraday high of Rs.1,020.80 and a low of Rs.996.10.
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