Excelsior Correspondent
JAMMU, Apr 25: Axis Bank today reported over a billion dollars in net profit for the first time. Bank’s net profit for quarter ending grew 18% YOY (Year Over Year) to Rs 1, 842 crores while the net profit for entire financial year (FY) for 2014 grew 20% to Rs 6,218 crores.
The Bank’s Savings Bank deposits registered a growth of 22% YOY while Retail Term Deposits by 37%.
The Net Interest Income (NII) of the Bank rose 24% YOY to INR 11,952 crores during FY14 from INR 9,666 crores during FY13 while NII for Q4 FY14 rose 19% YOY to INR 3,166 crores from INR 2,665 crores in Q4 FY13.
Other Income (comprising fee, trading profit and miscellaneous income) for FY 2014 grew 13% and stood at INR 7,405 crores against INR 6,551 crores during the same period last year. During the quarter, both other income and fee income grew 10% YOY and stood at INR 2,213 crores and INR 1,780 crores, respectively.
The Bank has eight international offices with branches at Singapore, Hong Kong, Dubai, Colombo and Shanghai, representative offices at Dubai and Abu Dhabi and an overseas subsidiary at London, UK.
The international offices focus on corporate lending, trade finance, syndication, investment banking and liability businesses. The total assets under overseas operations were USD 7.2 billion as on 31st March 2014.
During this period bank added 81 branches and 594 ATMs to its network across the country and had a network of 2,402 domestic branches and extension counters and 12,922 ATMs situated in 1,636 centres.
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