Mumbai, April 22 : Axis Bank, India's third largest private sector lender, said Friday its net profit soared 33 percent to Rs. 1,020 crore in the fourth quarter of 2010-11 on higher earnings from loan advances.

For the fiscal year ended March 31, the bank's net profit zoomed 35 percent to Rs. 3,388 crore as against Rs. 2,515 crore in the previous year, Axis Bank said in a statement.

The bank's net interest income grew 31 percent and fee income rose 30 percent in fiscal 2010-11.

"The bank continued to build an India-wide presence through its 1,390 branches and extension counters and 6,270 ATMs across 921 cities and towns," it said.

Axis Bank's total loan advances surged 36.48 percent to Rs. 1,42,408 crore for the year ended March 31, 2011, while the bank's investments increased 29 percent to Rs. 71,992 crore.

Net interest margin declined marginally to 3.65 percent in 2010-11 from 3.75 percent in the previous year.

The bank registered strong deposits, with demand deposits, on a daily average basis, grew 33 percent to Rs. 59,551 crore, while savings bank deposits grew 36 percent.

Non-performing assets (NPAs), as a proportion of net customer assets, declined by 10 basis points to 0.26 percent and gross NPAs, as a proportion of gross customer assets, declined by 12 basis points to 1.01 percent.

Share pricess of Axis Bank advanced 0.11 percent at Rs. 1,449.55 at the Bombay Stock Exchange Thursday. The markets are closed Friday on the occasion of Good Friday. (IANS)