The Hindu Business Line : Axis Bank net rises 63% on strong biz growth

Hyderabad, April 21 Driven by growth in advances across all segments, Axis Bank Ltd has posted 62.5 per cent growth in net profit at Rs 1,071 crore in the financial year 2007-08 as against Rs 659.03 crore in the previous year.

The net interest income has jumped 76 per cent to Rs 2,585.35 crore (Rs 1,468.33 crore) while the total income has gone up to Rs 8,800.80 crore (Rs 5,471 crore).

A strong growth in the levels of advances and investments, together with a higher share of demand deposits, contributed to the rise in the net interest income, according to a release.

The net interest margin has gone up to 3.47 per cent (2.74 per cent). The fee-based income registered a significant growth of 70 per cent at Rs 1,320.70 crore (Rs 778.96 crore).

Q4 Performance

In the fourth quarter ended March, 2008, the net profit increased 71 per cent to Rs 361.40 crore (Rs 211.89 crore). The interest income grew 47.46 per cent to Rs 2,015.43 crore, while total income increased 54.2 per cent to Rs 2,571.9 crore compared with the corresponding quarter last fiscal.

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