India's third largest private sector lender, Axis bank has recorded growth in net profit by 22 per cent at Rs 1,124 crore in the second quarter which ended on September 30,2012 against last year's profit of Rs 920 crore. The growth in net profit was based on the growth in net interest income and non-interest income.
The growth was approved by the board of directors of Axis Bank at a meeting which was held on Monday in London.
The net profit for the half yearly grew by 22 per cent at Rs 2,277 crore against last year's net profit of Rs 1,863 crore.
The net interest income and non-interest income showed a growth of 16% at Rs 2,327 crore and 29% at Rs 1,593crore respectively.
The net interest income is the difference between interest earned and interest expended whereas non-interest income comprises of fee income and trading income.
Axis Bank said in a statement, "Fee income and retail business grew by 43 per cent."