Axis Bank, India’s third largest private sector bank, has signed a Memorandum of Understanding (MoU) with China Development Bank (CDB), one of the largest policy banks in China. The MoU would help Axis Bank to support its corporate clients by funding them at competitive pricing and also give the Bank an opportunity to work closely with Chinese companies in facilitating them in their domestic requirements in India.
Early this year, as a part of adding value to the banking services in China, Axis Bank opened its Shanghai Branch. The Shanghai branch is engaged in offering various services including accepting public deposits, offering short-to-long-term loans, and comprehensive corporate banking services
The bank’s net profit for first quarter ended June 30, 2014 rose by 18.29% at Rs 1666.76 crore as compared to Rs 1408.93 crore for the quarter ended June 30, 2013. Its total income increased by 10.17% to Rs 9980.47 crore for the quarter under review from Rs 9059.12 crore for the corresponding quarter of the previous year.
