Axis Bank Q3 net up 63% at Rs 501 cr

Axis Bank, the country's third largest private sector lender, has reported a 63.23 per cent jump in its net profit at Rs 500.86 crore for the quarter ended December 31, 2008, as compared to Rs 306.83 crore for the corresponding period last year.

The bank's total income during the October-December quarter increased by 62.29 per cent to Rs 3,716.94 crore as against Rs 2,290.24 crore for the same quarter a year ago.

The bank said that its net non-performing asset (NPA) was recorded at 0.39 per cent for the third quarter as compared to 0.42 per cent during the corresponding three months last year. The net NPAs for the bank stood at Rs 341.94 crore for the third quarter as against Rs 234.26 crore during the quarter ended December 2007.

The capital adequacy ratio (CAR) for the bank dropped to 13.84 per cent during the third quarter, as compared to 16.88 per cent for the corresponding quarter last year.

The bank garnered an interest income of Rs 2,984.77 crore during the October-December quarter, recording a growth of 65.60 per cent from Rs 1,802.34 crore during the same period a year ago.