Axis Bank Q2 FY10 : Profit soars 32%
Axis Bank posted net profit at Rs 531.64 crore in the Q2 of current fiscal. The bank had recorded a net profit of Rs 402.91 crore in the corresponding quarter of the last fiscal. This is a increase of 32% in profit.
Axis Bank’s credit growth in the Q2 of the current fiscal stood at 17.7% as against 37% in the corresponding quarter of the previous year. The management is expecting a 20% credit growth for the full year and it should be 25% for the next fiscal, if the countrie’s GDP grows by 7.5-8%.
The Total income of the bank rose to Rs 3925.94 crore at the end of Q2, from Rs 3239.45 crore in the corresponding quarter a year ago.
The bank is setting up a non-banking finance company (NBFC) subsidiary to focus on infrastructure lending. It will be fully owned subsidiary of the bank.
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