Financial Accounting and Reporting Essay Example | Topics and Well Written Essays - 1750 words

Financial Accounting and Reporting - Essay ExampleThe formation of the wedge was done in cooperation by Unit Trust of India, General Insurance Corporation of India, Life Insurance Corporation of India and overly four different Public Sector Undertaking (PSU) companies of insurance namely The New India Assurance lodge Ltd., United India Insurance Company Ltd., National Insurance Company Ltd. and The Oriental Insurance Company Ltd. (Axis marge, 2007).Presently, the rely occupies the third position among the banks in private sector to have a Pan network in India which includes over 1281 branches and Automated Teller Machine (ATMs) numbering 6270 making the bank to have the biggest system of ATMs in the country (Pandit, 2008 Axis Bank, 2007). In the social class 2007, a decision regarding having its own individuality different from UTI-I as its parent was taken by the bank authority. And this is how the brand name Axis was born. The bank was successfully finish to rebrand itself with its new name as Axis Bank. This had assisted the bank to get rid of the low-key perception as an entity that was government owned (Pandit, 2008).According to Axis Banks Annual Report for the pecuniary socio-economic class 2011, Rs. 3,388.49 crores was reported as its net profit. The earnings as well as the business of the Bank grew sturdily over the previous years. The net profit of the bank also rose by a considerable amount of money of 34.76 percent compared to the previous year. The substantial expansion in the business in all(prenominal) the segments was revealed in the form of vigorous financial indicators. The total income of the bank change magnitude by 26.97 percent and reached to Rs. 19,786.94 crores in the financial year 2010-11 in simile to Rs.15,583.80 crores in the last year. The return from operations in this finish augmented by 25.08 percent to an amount of Rs.11, 195.12 crores whereas the profit in relation to operations rose by 22.42 percent and amounte d to Rs. 6,415.69 crores (Moneycontrol, 2011). The progress in terms of revenue can possibly be credited to the procedure of the central income streams of the bank such as the income from net interest (NII) as well as other incomes and fees. NII augmented by a percent of 31.14 to an amount of Rs. 6,562.99 crores which was more in numbers compared to last year i.e. 2009-10, whereas other income as well as fee rose to Rs. 4,632.13 by 17.39 percent in comparison to the previous year i.e. 2009-2010. The increase in NII by such a considerable percent of 31.14 was an issue of the vigorous progress in the low-cost deposits of Current Account and Savings Bank (CASA) and also in assets on a regular average basis. All through the period, the entire earning assets amplified by 34.70 percent to an amount of Rs. 179,573 crores on a regular average basis and which had augmented in comparison to last year i.e. 2009-10. A progress of 32.81 percent was also observed in relation to the low-cost dep osits in CASA which had increased from the previous year i.e. 2009-10 on a regular standard basis and which even assisted the bank to hold on to the funding prices (Moneycontrol, 2011). Additional income including fees, miscellaneous income and trading profit even augmented to 4,632.13 crores by a percent of 17.39 compared to the previous y