Axis Bank on Monday said it has recorded 22 per cent increase in net profit at Rs 1,123.54 crore for the second quarter ended September 30 on the back of lower expenses.
The bank had a net profit of Rs 920.32 crore in the corresponding quarter last fiscal, Axis Bank said in a statement.
The total income of the
lender increased by 27 per cent to Rs 8,280.29 crore during the July-September quarter, from Rs 6,510.89 crore over the same period last year.
The bank continues to show strong performance in terms of growth of net interest income (NII), fee income and operating revenue. With slower growth of operating expenses compared to revenue, the bank's operating profit and net profit have also shown healthy growth, Axis Bank said in a statement.
NII for the second quarter was Rs 2,327 crore against Rs 2,007 crore in the same period a year ago. At the same time operating expenses grew by 18.76 per cent to Rs 1,741.73 crore compared to Rs 1,466.54 crore in the previous fiscal.
During the quarter, other income grew 29 per cent to RS 1,593 crore, driven by growth in fee income which stood at Rs 1,343 crore, thereby registering a growth of 20 per cent, it said.
The main business segments driving fee growth during the quarter were retail banking, which grew 43 per cent and large and mid-corporate banking which grew 15 per cent, it added.
The bank recorded a Net Interest Margin (NIM) of the bank rose to 3.46 per cent at the end of in September from 3.37 per cent at the end of first quarter.
During the first half of 2012-13, the bank clocked 22 per cent rise in net profit to Rs 2,277.06 crore, compared to Rs 1,862.67 crore in the same period a year ago.
The bank reported a total income of Rs 16,098.66 crore in the first six months, compared to Rs 12,560.16 crore in the previous financial year.
The bank's NII rose by 21 per cent to Rs 4,507 crore during the first half of 2012-13 from Rs 3,731 crore in the same period of the previous fiscal.
The bank's balance sheet improved by 21 per cent to Rs 3,02,681 crore while the bank's advances grew 23 per cent to Rs 1,72,132 crore at the end of September 2012.
Capital Adequacy Ratio (CAR) for the bank was 12.99 per cent at the end of second quarter.
As on September 30, 2012, gross NPAs and net NPAs stood at 1.10 per cent and 0.33 per cent, respectively as against 1.08 per cent and 0.34 per cent, as on September 2011.
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