Driven by strong growth in its interest income, the net profit of Axis Bank grew by 38 per cent year-on-year to R735.14 crore for the quarter ended September 30, 2010. The net interest income of the bank rose to R1,615 crore during the quarter from R1,150 crore during the same quarter last year — a growth of 41 per cent.
The bank reported total income of R4,657.49 crore for the second quarter, up 18.63 per cent from R3,925.94 crore in the year-ago period. Fee income of the bank registered a growth of 18 per cent, rising to R849 crore during the quarter, compared to R719 crore in the same quarter last year.
Continuing its expansion, the bank added 53 branches and 372 automated teller machines (ATMs) during the quarter.
Axis Bank’s revenue from the treasury segment went up by 22.45 per cent to R5,746.18 crore during the quarter, as against R4,692.74 crore in the same quarter of 2009-10.
The bank’s revenue from the corporate or wholesale banking segment during the second quarter was R2,722.44 crore, a growth of 37.42 per cent, over R1,981.06 crore in the same quarter of last fiscal.
Daily average balances of savings account deposits with the bank during the quarter grew 41 per cent, and those of current account deposits grew by a relatively modest 28 per cent.