Axis Bank plans asset management company in joint venture

Mumbai, Oct 13 (IANS) Private lender Axis Bank Monday said it may enter into a joint venture agreement with the Geneva-based private banking group LCF Rothschild to form an asset management company.

The new company will provide investment advisory services for private banking and wealth management in India.

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Axis Bank announced a net profit of Rs.4.02 billion ($85.5 million) for the quarter ended Sep 30, compared to Rs.2.27 billion for the corresponding quarter last year.

According to a release issued by the bank, the total income for the second quarter this fiscal increased to Rs.32.39 billion from Rs.20.59 billion in the same quarter last fiscal.