Axis Bank, private sector bank in India, on Tuesday reported growth of 18.3% in its net profit for the quarter ended Jun. 30, 2014.

The bank earned a profit of Rs 16.67 billion for the quarter ended Jun. 30, 2014. Analysts on average had predicted net profit of Rs 17.03 billion.

The bank's quarterly income totaled at Rs 99.81 billion, an increase of 10.17% over Rs 90.59 billion in the same period a year ago.

The bank has made provision of Rs 3.87 billion, which was lower by 42.72% from prior year period.

The bank's net interest income (NII) rose 16% YOY to Rs 33.1 billion during Q1FY15 from Rs 28.65 billion during Q1FY14. The bank recorded a net interest margin of 3.88% in Q1FY15 against 3.86% in Q1FY14.

Savings bank deposits recorded a healthy growth of 18% YoY to reach Rs 745.83 billion as on Jun. 30 2014, while current account deposits grew 8% YoY and stood at Rs 406.59 billion. On a daily average basis, savings bank deposits in Q1FY15 grew 20% YoY, while current account deposits grew by 10%. CASA deposits, on a daily average basis, during Q1FY15 grew 16% YoY constituting 40% of total deposits, compared to 39% during the same period last year.

During Q1FY15, the bank added 19 branches to its network across the country and at the end of Jun. 30, 2014, it had a network of 2,421 domestic branches and extension counters and 12,930 ATMs situated in 1,647 centres, compared to 2,021 domestic branches and extension counters and 11,488 ATMs situated in 1,300 centres last year.

Shares of the bank declined Rs 5.55, or 0.27%, to settle at Rs 2,017.60. The total volume of shares traded was 127,948 at the BSE (Tuesday).