Private sector lender Axis Bank (formerly called UTI Bank) said its quarterly net profit has risen 63 percent, attributing it to robust growth in fee and trading income.
The bank said its net profit in December quarter (Q3) of 2008 (FY09) stood at Rs.500.86 crore, up from Rs.306.83 crore reported in the corresponding period a year ago (year-on-year or YoY growth of 63.23 percent).
During the period under review, the bank's total income rose from Rs.2290.24 crore to Rs.3716.94 crore (YoY growth of 62.29 percent) while its operating profit (before provisions and contingencies) also rose from Rs.672.28 crore to Rs.909.63 crore (YoY rise of 35.30 percent).
While the bank's fee income rose from Rs.395.05 crore to Rs.618.91 crore (YoY rise of 56.66 percent), its trading income rose from Rs.84.37 crore to Rs.114.23 crore (YoY rise of 35.39 percent).
However, the bank's total expenditure (excluding provisions and contingencies) rose from Rs.1617.96 crore to Rs.2807.31 crore (YoY growth of 73.50 percent) while its (net) provisions and contingencies stood at Rs.131.98 crore, down from Rs.200.05 crore (YoY decline of 34.02 percent). The bank said its gross NPLs jumped 76 percent to 7.88 billion rupees.