Bhubaneswar : Axis Bank, one of the largest private sector banks in India, announced its Q4FY24 and annual results today, reporting annual net profit of Rs. 24,861 crores, up 160% YOY as compared to profit of Rs. 9,580 crores in FY23. The Bank’s Net Interest Income (NII) grew 16% YOY and 11% QOQ to Rs 49,894 crores in FY24 from Rs. 42,946 crores in FY23. Net Interest Margin (NIM) for Q4FY24 stood at 4.06% and grew 5 bps QOQ.
CASA grew 8% QOQ with CASA ratio at 43%. As on 31st March 2024, the Bank’s reported Gross NPA and Net NPA levels were 1.43% and 0.31% respectively as against 2.02% and 0.39% as on 31st March 2023. The Bank’s Fee income grew 28% YOY and 23% QOQ to Rs. 20,257 crores in FY24. Retail fees grew 33% YOY and 12% QOQ; and constituted 74% of the Bank’s total fee income. The Bank’s overall capital adequacy ratio (CAR) stood at 16.63% with CET 1 ratio of 13.74%. The Bank’s domestic subsidiaries delivered steady performance with FY24 PAT of Rs 1,591 crores, up 22% YOY. The Bank added 125 branches during the quarter and 475 overall in the FY24 period, taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres compared to 4,903 domestic branches and extension counters situated in 2,741 centres as at 31st March 2023.
Axis Bank continue to maintain strong position in Payments and Digital Banking. Axis Mobile & Axis Pay have ~11 mn non-Axis Bank customers. The Bank is the largest player in merchant acquiring with market share of 19.8%, incremental share of 28% in last one year. The Bank also continues to remain among the top players in the Retail Digital banking space.
Amitabh Chaudhry, MD&CEO, Axis Bank said, “In FY24, Axis Bank charted a course of steady progress. While we relentlessly focused on our key priority areas – Bharat Banking, Digital and Sparsh (our customer obsession program), I believe we were also nimble in picking up some enticing new opportunities that came our way. Our Citi integration is on track, and we are inching towards the final milestone LD2 in the next six months. In keeping with our credo “Dil Se Open” and with DE&I as one of our core pillars, we have made progress in cultivating a diverse and inclusive workforce in a nurturing ecosystem.”
