Board meets first time in Shanghai

Axis Bank on Thursday reported a 38.28 per cent rise in its net profit at Rs.735.14 crore for the second quarter ended September 30 on account of increase in interest income.

It had a net profit of Rs.531.64 crore during the July-September quarter of the last fiscal.

The half yearly net profit went up by 35 per cent to Rs.1,477.02 crore from Rs.1,093.68 crore during the same period last year, Axis Bank Chairman Adarsh Kishore told the media after the board meeting here.

The bank's net interest income rose to Rs.1,615 crore in the second quarter, compared to Rs.1,150 crore in the same quarter a year ago, a growth of 41 per cent. The bank's advances grew by 36 per cent at Rs.1,10,593 crore as against Rs.81,044 crore in the same quarter a year ago. The bank, ranked 11th in India, held its first board meeting in China within days of obtaining the RBI approval to upgrade its representative office here to branch.

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