The country's leading private sector lender, the Axix Bank, has announced its financial results for the first quarter ended June 30, reporting a 70.2% rise in the net profit at Rs 562.04 crore, as compared to Rs 330.14 crore in the same period last year.

The bank reported 28% rise in net profit to Rs 2905.56 crore, primarily driven by strong growth in non-interest income and the focus on low-cost deposits.

Its income for the first quarter stood at Rs 958.57 crore, increasing 53.42% as compared to the corresponding income figures in the same quarter last year.

Somnath Sengupta, president (finance and accounts) Axis Bank, said: "Every quarter we have the ability to generate profits from one segment or the other. The last quarter we saw an opportunity in trading profits. We have however not deviated from the core income."

Mr. Sengupta said that the bank will go slow on its international banking business, given the current conditions of the economic market. He hoped that Axis bank will report around 50 per cent growth in advances in the current fiscal.

Shares of Axis Bank surged 2.27% and closed at Rs 755.9 in the recent trading at Bombay Stock Exchange.