The profit of Axis bank has been boosted up to 25%

By | September 9, 2011

A recent press report said that the net profit of Axis bank increased to 25 per cent to Rs.920 crore compared to the net profit of Rs.735 per cent during the corresponding period last year.

In his statement Mr. Somnath Sengupta, Executive Director and Chief Financial Officer of Axis Bank said that the gross across all the segments helped to boost the net profit to 25 per cent.

He said that this quarter had a good balance in growth and the bank would focus on the core business in coming days. He also said that the credit growth rate would decrease in the banking sector yet Axis bank would be above the average industrial growth rate.

He added that the increase demand for home loans and auto loans has made the retail loans grow at a faster pace. The retail loans grew faster than the corporate loans and within the corporate loan segment the loans for working capital had higher demand whereas the demand for capital expenditure loans came from which were previously sanctioned.

Mr. Sengupta also said that the non – performing assets increased due to slippages in all the sectors and in near future the bank would improve its credit quality.

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. Its loan portfolio includes home loans, personal loans, car loan, education loan, mortgage loan, gold loans etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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