Axis Bank Posts Strong Q2 Numbers

Axis Bank IndiaAxis Bank’s net profit rose 60.5% to Rs 227.82 crore on 64.1% rise in sales to Rs 2059.37 crore in Q2 September 2007 over Q2 September 2006.

At the current price of Rs 790.90, the scrip trades at a PE multiple of 30.94, based on Q2 September 2007 annualised EPS of Rs 25.56.

The board of the company also proposed to establish a mutual fund, the bank said in a statement to us. Axis Bank is the third largest private bank in India.