Axis Bank Q4 net up 18%

Axis Bank Q4 net up 18%

 Axis Bank, the third largest private sector lender in the country, on Friday said its net profit for the quarter ended March 31, 2014, had increased by 18.5 per cent from a year earlier to Rs 1,842 crore.

Higher interest income, improved net interest margin and lower provisions aided the bank's earnings growth during the three-month period.

Net interest income, or the difference between interest income and interest expense, was Rs 3,166 crore in the fourth quarter, up 18.8 percent from a year ago. Net interest margin improved 19 basis points, on a year-on-year basis, to 3.89 per cent during this period.

"Axis Bank reports over a billion dollars in net profit for the first time...Net profit for 2013-14 grows 20 per cent to Rs 6,218 crore," the private lender said in a statement.

 The bank pared its provisions to Rs 505 crore during the quarter from Rs 595 crore in the corresponding period of last year as credit quality remained healthy. NPA ratio was 1.22 per cent, while net NPA ratio was 0.42 per cent.