Author: CP

Axis Bank has reported a 70.24% rise in the net profit to Rs 562.04 crore for the June 2009 quarter as against Rs 330.14 crore during the year-ago period.

The bank’s total income has moved up 33.65% from Rs 2891.24 crore for the June 2008 quarter to Rs 3864.13 crore for the June 2009 quarter.

Axis Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence. As of June 30, 2009, the bank has a very wide network of more than 853 branches and extension counters. The bank has a network of over 3723 ATMs providing 24 hrs a day banking convenience to its customers.

The uptrend in industrial output continued in May with output up 2.7% YoY and 0.6% on a MoM seasonally adjusted basis. This was higher than our (1.6%) as well as consensus expectations (1.4%) but lower than the 1.3% s.a growth last month. Similar to trends seen earlier this year, the April data was revised, BUT this time the revision was downwards from 1.4% to 1.2%. The revision was led by capital goods (from -1.3% to -7.3%) which raises doubts on the much awaited investment recovery.

On a sectoral basis, growth was led by mining up 3.7%, electricity up 3.3% and manufacturing up 2.5%. Worrying sign is the continued contraction in capital goods (-3.6%) for the third month in a row, (ii) While consumer goods came back into the black (1.2%) after three months, consumer non-durables remained in the red with the key drag being food products and beverages.