With the help of strong interest income and robust margins Axis bank, country third largest lending bank gained a profit of 19%. Last year the net profit of the bank was Rs 1,347 crore which jumped to Rs 1,604 crore this year.
Net Interest Income
A rise of 20% is recorded in net interest income of the bank which accounts for Rs 469 crore. Supplementary income sources increased by mere 2%. The data of the bank showed that overall income of the bank increased from Rs 8,580 crore to Rs 9,434 crore.
The non performing assets of the bank grew within a year from Rs 2275 crore to Rs 3008 crore, which was deteriorating. The overall advances and deposits of the bank also went by 18% and 7% respectively.
Net Interest Margin
The NIM of the bank grew from 3.57% in Q3 FY13 to 3.71. Within a period of three months the Axis bank launched 96 branches and 532 ATMs across the country.