Axis Bank's net profit up by 62.52 pc in 2007-08

Mumbai, Apr 21 (UNI) Leading private sector Bank, Axis Bank today announced a 62,52 per cent jump in net profit for fiscal 2008 at Rs 1,071.03 crore with the net profit for the quarter up by 70.56 per cent at Rs 361.40 crore.

The Bank, announcing its audited results for the last fiscal, said in a release, it had declared a dividend of 60 per cent for 2007-08.

The Bank has ended FY 2007-08 with a capital adequacy ratio of 13.73 per cent, and Net NPAs at 0.36 per cent of Net Customer Assets. The diluted EPS at Rs 31.31 was 37.38 per cent higher than in the previous year.

The Bank's balance sheet size had grown by 49.58 per cent to Rs 1,09,577.85 crores as at end March '08 from Rs 73,257.22 crores as at end March '07. The total deposits of the Bank have grown 49.06 per cent year on year from Rs 58,785.60 crores as at end March '07 to Rs 87,626.22 crores as at end March '08. Demand deposits have grown 70.84 per cent year on year, and constitute 46 per cent of the total deposits.

The Bank's retail business continued to show strong growth. The number of Savings Bank accounts grew from 47.31 lakh as at end March '07 to 61.64 lakh as at end March '08, thereby creating a buoyancy in Savings Bank deposit balances.

Retail advances grew from Rs 8,928 crores as at end March '07 to Rs 13,592 crores as at end March '08, a growth of 52 per cent.

Retail Advances account for 23 per cent of the total Advances of the Bank as at end March '08.

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