Axis Bank Q1FY24 results: Reports Rs. 5,797 crores Profit, up 41% YOY
Driven by healthy business momentum and strong all-round operating performance
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.
