Q2FY23 PAT at Rs. 5,330 crores, up 70% YOY, Consolidated ROA at 1.87%
ROE% at 18.90%, driven by NII growth, NIM expansion, higher fees and flat QOQ operating expenses
Axis Bank, India’s third-largest private sector bank announced its Q2FY23 results today, reporting net profit of Rs. 5,330 crores, as compared to Rs. 3,133 crores in Q2FY22. The Bank’s Net Interest Income (NII) grew 31% % YOY and 10% Q-on-Q to Rs. 10,360 crores in Q2FY23 from Rs. 9,384 crores in Q2FY22. Its Net interest margin (NIM) for Q2FY23 stood at 3.96%, which is grown by 57 bps YOY and 36 bps QoQ. On QAB basis, CASA grew up 13% YoY and 2% QoQ, whereas CASA ratio stood at 46% which is up by 172 bps YOY. The bank’s operating revenue reflects a 22% growth from Rs. 11,699 crores in Q2FY22 to Rs. 14,301 crores in Q2FY23. As of 30th September 2022, the Bank’s reported Gross NPA and Net NPA levels at 2.50% and 0.51%. The Bank’s Fee income for Q2FY23 grew by 20% YoY to Rs. 3,862 crores. Retail fee grew 28% YOY, constituting 68% of the Bank’s total fee income. Overall capital adequacy ratio (CAR) including profit for H1FY23 stood at 17.72% with CET 1 ratio of 15.14%.
Amitabh Chaudhry, MD&CEO, Axis Bank said, “Over the past 12 months, we have made significant strides across every identified priority area. The focus on customer obsession and digitisation has got our acquisition engine humming. The core operating profits and margins have grown on the back of strong performance across business segments. We are building a high-quality, granular franchise with the customer at the centre, while extending our network and services to semi-urban and rural geographies to tap into the Bharat opportunity. We are excited about the future of Axis Bank.”