Private sector Bank, Axis Bank plans to expand its business in the state of Orissa. The bank has decided to open at least 8 more branches and increase the number to 29 from a present number of 21 branches.

The bank officials told that the new branches would be opened at locations like Bhawanipatna, Nuapada, Damonjodi, Paradip and Bhanjanagar.

The bank also plans to increase its ATM network in the state by adding 30 more ATMs during the current year. Currently the Bank has a network of over 3802 ATMs of which around 120 ATMs are located in Orissa.

Axis Bank was relocated to a new premise in Orissa which was inaugurated by J.H. Jakkappanavar, senior divisional manager of Berhampur division of LIC.

There were many senior officials from the bank that also attended the occasion. To name a few are Alok Biswas, vice president of Axis Bank's zonal office in Kolkata, Debarchan Mishra, vice president of Bhubaneswar office, Laxmikant Satapathy, the assistant vice president and Pravat Kumar Mohanty, the branch head of Axis Bank's Berhampur office.

The bank posted a strong net profit growth of 76 % for the quarter ended September 30th, 2008. The net profit amounted to Rs 403 crore for the second quarter of FY-09 compared to Rs 228 crore in the corresponding quarter of the previous year. Total income for the period rose to Rs 3,239 crore from Rs 2,059 crore year ago.

Axis Bank has a very wide network of more than 729 branch offices and Extension Counters. These branches are spread across 442 cities and towns in the country including 21 branches in Orissa.

The Bank's Registered Office and Central office are located in Ahmedabad and Mumbai respectively. It has its international presence in Singapore, Hong Kong, Shanghai and Dubai.

The bank has a customer base of over 90 lakh with a market capitalization of Rs 25,105 crore, which makes the bank the fourth largest in terms of market capitalisation in the country.

The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.