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Axis Bank net profit of Rs 330.14cr, up by 88.67% YoY

This article was posted on Jul 14, 2008 and is filed under Press Releases

Axis Bank has announced its unaudited results for the first quarter of FY 2008-09, following the approval of its Board of Directors at a meeting held in Mumbai on 14th July 2008. The Net Profit of the Bank for the first quarter was Rs. 330.14 crores, a growth of 88.67% over the Net Profit of Rs. 174.98 crores during the first quarter of the previous year. The Net Profit was recorded after making a provision of Rs. 225.20 crores on the depreciation of the Bank’s investment portfolio, on account of weakening financial markets.

The Bank has ended the first quarter of the current financial year with Net NPAs at 0.47% of Net Customer Assets and with a capital adequacy ratio of 13.25%. The quarterly EPS (diluted) at Rs. 9.03 was 51% higher than the EPS of Rs. 6.00 in the first quarter of the previous year.

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