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Axis Bank achieves higher net profit

CHENNAI: Axis Bank has announced its unaudited results for the first quarter of 2008-09. The net profit has risen by 89 per cent to Rs. 330.14 crore from Rs. 174.98 crore in the first quarter in 2007-08. According to a release, the net profit was recorded after making a provision of Rs. 225.20 crore on the depreciation of the bank’s investment portfolio on account of weakening financial markets. — Corporate Reporter

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