Axis Bank Q2 profit rises 25%

The net profit during Q2FY12 rose to Rs 920 crore from Rs 735 crore in Q2FY11.

Axis Bank has reported a higher-than-expected 25 per cent rise in its second-quarter profit. The net profit during Q2FY12 rose to Rs 920 crore from Rs 735 crore in Q2FY11. The net profit for H1FY12 stood at Rs 1,863 crore,up by 26 per cent from Rs 1,477 crore for H1FY11.

The year-on-year (YOY) growth in net interest income and fee income during Q2FY12 was 24 per cent and 32 per cent respectively. Net interest margin during Q2FY12 was 3.78 per cent compared to 3.68 per cent in Q2FY11.

Total deposits rose to Rs 194,455 crore as on September 30,2011 from Rs 156,887 crore. Demand deposits grew by 26 per cent YOY to Rs 82,140 crore during Q2FY12 from Rs 65,186 crore during Q2FY11,with savings bank deposits growing by 24 per cent YOY and current account deposits by 29 per cent. CASA ratio as a result moved up to account for 42 per cent of aggregate deposits.

During the quarter,the bank added Rs 496 crore to gross NPAs. Recoveries and upgradations of Rs 163 crore and write-offs of Rs 162 crore during the quarter resulted in a closing position of Rs 1,744 crore of gross NPAs on September 30,2011 as against Rs 1,362 crore at the end of September 2010.