Axis Bank profit soars 33% in Q4

Backed by healthy growth in income from interest and fees, private sector lender Axis Bank posted posted a 33% year-on-year rise in the net profit at Rs 1,020 crore for the quarter ended March.

Backed by healthy growth in income from interest and fees, private sector lender Axis Bank posted posted a 33% year-on-year rise in the net profit at Rs 1,020 crore for the quarter ended March. The bank had reported a profit of Rs 765 crore in the same period last year.

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For the full-year 2010-11, the bank reported a net profit of Rs 3,389 crore against Rs 2,515 crore for the previous year, an increase of 35%.

"We expect the bank's credit to grow by around 25% in 2011-12," said Somnath Sengupta, executive director and chief financial officer, Axis Bank, in his guidance.

Net Interest Income for the quarter ended March 31, 2011 stood at Rs 1,701 crore as against Rs 1,460 crore in the corresponding quarter of the previous year, an increment of 17%. Income from fees were the main growth driver, rising by a significant 58% to Rs 1,231 crore against Rs 780 crore in same quarter last year.

During the quarter, fee income from large and mid corporate credit grew 68%, followed by income from treasury, which rose 79% and retail business which grew 45%.

Axis Bank added 407 branches during the year (highest addition in a year so far), taking total count of branches to 1,390, and installed 1,977 ATMs taking the total count to 6,270 machines.