Axis Bank, India’s third largest private sector bank after ICICI Bank and HDFC Bank, has announced net profit growth of nearly 36% on a year-on-year basis for the third quarter ending December 31, 2010. The lender said that its net profit rose to Rs 891 crore in Q3 of FY’11 compared to Rs 656 crore in the same quarter of the previous fiscal year. However, this was lower than the 38.28% (y-o-y) growth the bank had recorded in its net profit during Q2FY11.
The bank’s Net Interest Income (NII) too grew at a healthy 28.47% to Rs. 1,733 crore as against Rs 1,349 crore, during the same period. Here again, the growth was lower than the y-o-y growth of 41% in its NII Axis Bank had recording during the Q2FY11.
The shares of Axis Bank gained Rs. 27.40 or 2.28% to close the day at Rs. 1229 on the NSE.
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