Axis Bank Q1 net up 22% on retail loans

Mumbai:Axis Bank on Tuesday said a massive 50% rise in retail credit, coupled with a strong 26% rise in net interest income (NIM), raised its net profit 22% to Rs 1,154 crore in the first quarter ended June 30. "We have had a good quarter in difficult times as we have been able to maintain asset quality and revenue growth, which came from large corporates, infra companies and retail segment, which rose to record 50%, constituting 24% of the loan book," the city-based bank's chief financial officer and executive director, Somnath Sengupta, said. AGENCIES