Country’s third largest private sector lender Axis Bank on Thursday said profit rose 21.2 per cent to Rs 1,362 crore in the September quarter after healthy growth in net interest margin and one-time income of Rs 280 crore.
“We have reported a net profit of Rs 1,362 crore, which is 21.25 per year on year. Our balance sheet also grew 16 per cent to Rs 3,51,363 crore during the quarter,” Somnath Sengupta, Executive Director, told reporters on a conference call this evening.
Net interest income rose 26 per cent to Rs 2,937 crore from Rs 2,327 crore a year earlier, while the net interest margin (NIM) was 3.79 per cent compared with 3.46 per cent in the year-ago quarter.
“We expect NIM to remain stable going ahead and stay above 3.5 per cent in the rest of FY14,” Sengupta said.