Private sector lender Axis Bank, on Wednesday posted 22 % year-on-year rise in net profit at Rs 1,555 crore for the quarter ended March 2013. It had made a profit of Rs 1,277 crore in the corresponding quarter last year. The bank credited its profit to a healthy growth in interest and other income.
For the full-year 2012-13, the private sector lender reported a net profit of Rs 5,179 crore against Rs 4242 crore in the same period year-ago, showing a growth of 22%.
Net interest income (interest earned less interest expended) for the quarter ended March, 2013, grew by 24% to Rs 2665 crore from Rs 2146 crore in the same quarter previous quarter. Other Income grew 26% to Rs 2,007 crore, driven by fee income which stood at Rs 1618 crore registering a growth of 22% and a higher trading income which grew 63% to Rs 238 crores.
The bank witnessed marginal improvement on asset quality as its gross non performing ratio stood at 1.06% as on March 31, 2013 from 1.1% on December 31, 2012.
During Q4FY13, the Bank added 160 branches and 882 ATMs to its network across the country and at the end of 31st March 2013, had a network of 1,947 domestic branches and extension counters and 11,245 ATMs situated in 1,263 cities and towns, compared to 1,622 domestic branches and extension counters, and 9,924 ATMs situated in 1,050 cities and towns last year.