Axis Bank Q4 profit up by 18.3%, provisioning sees big jump
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Axis Bank on Wednesday reported an 18.36% growth in net profit for the fourth quarter ended March 31, 2015 on account of higher net interest income (NII). The bank had net profit of Rs 2180.6 crore for Q4 of FY15 compared to Rs 1842.3 crore posted in Q4 FY14.
Provisions for the fourth quarter were at Rs 709.8 crore compared to Rs 505.2 crore in same quarter previous fiscal, an increase of 40%. Net interest income in Q4 of FY15 was up by 20% at Rs 3799.2 crore.
The gross non performing assets (NPA) stood at 1.34% in Q4 compared to 1.22% in Q4 of previous fiscal. Net NPA rose marginally to 0.44% compared to 0.4% in fourth quarter of previous fiscal.
Advances stood at Rs 2,81,083 crore as on March 31, 2015 compared to Rs 2,300,66.7 crore as on March 31, 2014. Deposits were at Rs 3,22,442 crore, seeing a growth of 14.7% compared to FY14.
For the full year, Axis Bank posted profits of Rs 7357.8 crore, which was against 18.3% compared to profit of Rs 6217.6 crore in FY14.
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