From correspondents in Maharashtra, India, 06:02 PM IST

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.

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.

(Staff Writer, © IANS)