Axis Bank Q1 Net up over 18 pc at Rs 1,667 crore

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Private sector Axis Bank today reported 18.3 per cent growth in net profit at Rs 1,667 crore for the first quarter ended June 2014.

The bank had earned a net profit of Rs 1,409 crore in the April-June quarter of 2013-14, Axis Bank said in a statement.

Total income of the bank rose to Rs 9,980.47 crore during the quarter under review as against Rs 9,059.12 crore in the same period last year.

The net interest margin for the bank rose to 3.88 per cent in the April-June quarter, against 3.86 per cent in the same period of the previous year.

The net interest income rose to 16 per cent to Rs 3,310 crore from Rs 2,865 crore in the same period a year.

However, the bank's other income (non-interest revenue) declined to Rs 1,691 crore as compared Rs 1,781 crore April-June quarter of last fiscal.

As of June 30, Axis Bank's gross non-performing assets (NPAs) increased to 1.34 per cent of advances, against 1.10 per cent at the end of first quarter of the last fiscal.

Net non-performing assets also rose to 0.44 per cent as against 0.35 per cent as on June 30, 2013.

The bank's Gross NPA was Rs 3,463 crore at the end of June 2014. During the quarter, the bank added Rs 626 crore to Gross NPAs.

Shares of Axis Bank closed at Rs 2,017.60 apiece, down 0.27 per cent from the previous close on the BSE today.

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