With the opening of this branch, Axis Bank now has 118 branches in Kolkata, also known as the City of Joy, and 219 in the state.
In a statement, Axis Bank Executive Director Rajiv Anand said the women play an important role in managing household savings. “We believe that this ‘All Women Branch’ will help increase the participation of this segment in the banking industry.”
Meanwhile, elevated stress level in the loan book has affected Axis Bank’s bottom line in the first quarter ended June 30. The bank reported a 21 per cent year-on-year decline in net profit at Rs.1,556 crore for the first quarter of FY17 as against Rs.1,978 crore in the year-ago period.
Net interest income (NII) grew 11 per cent year-on-year to Rs.4,517 crore in (Rs.4,056 crore in Q1 FY16), while net interest margin stood at 3.79 per cent (3.81 per cent).
The net interest margin (NIM) in FY17 is likely to remain above 3.6 per cent levels, according to the bank’s senior management.
“While the asset quality seems to have deteriorated, the management has reiterated its stand that the maximum credit cost for FY17 would be 150 basis points and this comes as a mild relief,” said Siddharth Purohit, Senior Equity Research Analyst – Banking, Angel Broking.