Axis Bank has registered a 70.56% rise in its net profit at Rs 361.40 crore for the quarter ended March 31, 2008 as against Rs 211.89 crore profit of the corresponding period last year. The net interest income earned rose by 88.72% at Rs 828.43 crore as against Rs 438.97 crore in the corresponding period of fiscal 2007.
For the fiscal year ended March 31, 2008, the bank registered 62.52% rise in net profit at Rs 1,071.03 crore. Total deposits of the bank was up by 49.06% on year-on-year basis from Rs 58,785.60 crore as on March 31, 2007 to Rs 87,626.22 crore as on March 31, 2008.
The Q4 net interest margin was 3.93% as compared to 2.89% for the corresponding period during last fiscal year. Net advances too grew by 61.79% on year-on-year basis.
Commenting on his bank?s proposed strategy, post the recent CRR hike, PJ Nayak, chairman and CEO, Axis Bank said, ?We eagerly await the RBI?s forthcoming monetary policy on April 29 before we take a call on our lending and deposit rates.?
The bank?s balance sheet size stood at Rs 1,09,577.85 (49.58%) as on March 31, 2008 (Rs 73,257.22 crore). The net non-performing assets, as a proportion of net customer assets, have decreased to 0.36% from 0.61% at the end of the preceding fiscal year and declined from 0.42% at the end of December 2007. The Axis Bank stock gained 6.93% on NSE to close at Rs 881.95 with 33.94 lakh shares changing hands on Monday.