Financial Accounting and Reporting - Essay Example

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Financial Accounting and Reporting

The formation of the bank was done in cooperation by Unit Trust of India, General Insurance Corporation of India, Life Insurance Corporation of India and also four other Public Sector Undertaking (PSU) companies of insurance namely The New India Assurance Company Ltd., United India Insurance Company Ltd., National Insurance Company Ltd. and The Oriental Insurance Company Ltd. (Axis Bank, 2007).Presently, the bank 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 year 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 accomplished to rebrand itself with its new name as ‘Axis Bank’. This had assisted the bank to get rid of the dim perception as an entity that was government owned (Pandit, 2008).According to Axis Bank’s Annual Report for the fiscal year 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 34.76 percent compared to the previous year. The substantial expansion in the business in all the segments was revealed in the form of vigorous financial indicators ...Show more

Summary

The paper deals with LSE listed Indian bank of repute, Axis Bank Ltd. Axis bank was initially incorporated as ‘UTI Bank Ltd.’ in 1993 which offered products in retail as well as corporate banking (Pandit, 2008). The bank commenced its operating functions from the year 1994…
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