Axis Bank Q1FY24 results: Reports Rs. 5,797 crores Profit, up 41% YOY
Driven by healthy business momentum and strong all-round operating performance
Bhubaneswar: Axis Bank, India’s one of the largest private sector banks announced its Q1FY24 results today, reporting a net profit of Rs. 5,797 crores, as compared to the gain of Rs. 4,125 crores in Q1FY23. The Bank’s Net Interest Income (NII) grew 27% YOY and 2% Q-on-Q to Rs. 11,959 crores in Q1FY24 from Rs. 9,384 crores in Q1FY23. Its Net Interest Margin (NIM) for Q1FY24 was 4.10%, growing 50 bps YOY. CASA grew up 22% YoY, whereas CASA ratio stood at 44% improved by 151 bps YOY. The Bank’s operating revenues grew 38% YOY from Rs. 12,312 crores in Q1FY23 to Rs. 17,046 crores in Q1FY24. As of 30th June 2023, the Bank reported Gross NPA and Net NPA levels at 1.96% and 0.41% respectively as against 2.76% and 0.64% on 30th June 2022. The Bank’s Fee income for Q1FY24 grew 28% YoY to Rs. 4,488 crores. Retail fee grew 37% YOY & constituted 70% of the Bank’s total fee income. Overall capital adequacy ratio (CAR) including profit stood at 17.74% with CET 1 ratio of 14.38%. The Bank’s subsidiaries delivered a steady performance with a Q1FY24 PAT of Rs. 303 crores, up 16% YOY. As on 30th June 2023, the Bank had a network of 4,945 domestic branches and extension counters situated in 2,754 centres compared to 4,759 domestic branches and extension counters situated in 2,702 centres as of 30th June 2022.
Amitabh Chaudhry, MD&CEO, Axis Bank said, “We are striving to create a distinctive new age bank that provides seamless banking solutions to customers, giving wings to their financial dreams and aspirations. We have been constantly raising the bar – strengthening our digital capabilities and building on our robust pipeline of products and services, while keeping customer centricity at the core of every initiative. With India’s strong macro environment supporting growth and providing abundant opportunities, we are geared up and confident of delivering sustainable growth across all our priority businesses.