Axis Bank Posts 18% Growth in Net Profit

Published: 17th January 2015 06:05 AM  |   Last Updated: 17th January 2015 06:05 AM   |  A+A-

MUMBAI: Axis Bank, India’s third largest private sector bank, said its net profit in the quarter ended Dec 31, 2014 rose 18.4 per cent to Rs 1,899.76 crore on higher income from loans and low expenses.

Total income grew 22 per cent to Rs 5,629 crore. Trading income rose almost nine times to Rs 329.03 crore in the quarter to December compared with Rs 34.66 crore a year earlier. Yet, miscellaneous income fell to a fourth of Rs 23.62 crore from Rs 154.01 crore.

The bank’s gross non-performing assets (NPAs) increased marginally to 1.34 per cent as of Dec 31, 2014 from 1.25 per cent a year earlier. Provisions and contingencies more than doubled from same quarter last year to Rs 507 crore from Rs 202 crore, but lower than Rs 725 crore it set aside in quarter ended Sept 30. Its current account savings account grew to 40 per cent from 39 per cent a year ago.

Its lending to companies rose 25 per cent to Rs 121,543 crore and accounted for 47 per cent of total loans portfolio, while loans to SMEs were a moderate 17 per cent to Rs 39,805 crore and accounted for 15 per cent of loans. The remaining went to retail, which grew at 24 per cent.

The bank’s board approved a proposal to raise Rs 15,000 crore in long-term bonds on a private placement basis. Axis Bank remains well capitalised with a capital adequacy ratio of 15.64 per cent as of December 31.

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