Axis Bank Q1 net up 27% to Rs 942 cr

Private sector Axis Bank today reported a jump of 27 per cent in net profit to Rs 942.3 crore for the first quarter ended June 30, 2011.

The bank had posted a net profit of Rs 741.88 crore for the June quarter of the previous fiscal, Axis Bank said in a filing to the Bombay Stock Exchange.

Total income of the bank rose to Rs 6,049.2 crore during the quarter from Rs 4,326.3 crore in the same period of the previous fiscal.

The net interest income of the bank rose by 13.8 per cent to Rs 1,724.10 crore from Rs 1,513.77 crore in the same quarter of the previous fiscal.

However, the Net Interest Margin (NIM) of the bank declined to 3.28 per cent from 3.71 per cent at the end of June, 2010.

The bank has received in-principle approval from the Reserve Bank for acquiring certain demerged businesses from Enam, it said.

RBI had stipulated certain conditions, including a revised scheme of accounting and the eventual structure for the businesses proposed to be acquired, it said.

Upon examining the implications of these conditions, the bank has sought certain modifications to the approval granted by the RBI. Pending the receipt of the necessary approvals, no effect of the acquisition has been given to the financials for the quarter ended June 30, 2011, it said.