Axis Bank's FY10 net up 38.51 pc
Private sector Axis Bank has clocked a net profit of Rs 2,514.53 crore in FY10, up 38.51 per cent from Rs 1,815.36 crore in the year-ago period.business Updated: Apr 20, 2010 20:56 IST
Private sector Axis Bank has clocked a net profit of Rs 2,514.53 crore in FY10, up 38.51 per cent from Rs 1,815.36 crore in the year-ago period.
"We are very gratified with the results," Axis Bank Executive Director and CFO Somnath Sengupta told PTI here
A significant highlight of the bank's performance was its current account, savings account (CASA) deposits standing
at 46 per cent, its highest-ever.
"This high percentage helps us to maintain our cost of funds as also our net interest margins (NIMs)," Sengupta said.
The lender's gross NPAs stood at 1.13 per cent and net NPAs at 0.36 per cent.
"We have also gradually increased our provisioning coverage to 72 per cent as against the RBI's requirement of 70
per cent," he said.
Fee income growth, too, was healthy, he said, adding that it comprised loan processing fees, third-party sales,
cash management services and forex income.
On the outlook for this fiscal (FY11), Sengupta said the bank was targeting a credit growth of 25 per cent.
"If economic growth continues at the present level, we are confident of achieving a loan growth of 25 per cent, above the industry average," he said.