Axis Bank Q1 net profit rises 40% to ₹5,797 crore
The Hindu
Axis Bank posted 40.5% rise in Q1FY24 net profit to ₹5,797cr due to decline in bad loans & improved interest income. Total income rose to ₹30,644cr & NII to ₹11,959cr. Gross NPAs eased to 1.96% & net NPAs to 0.41%. Capital adequacy ratio declined to 17.08%.
Private sector lender Axis Bank on Wednesday posted a 40.5% increase in standalone net profit to ₹5,797 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income.
The bank had posted a net profit of ₹4,125 crore in the year-earlier period.
Total income in the first quarter of the current fiscal rose to ₹30,644 crore from ₹21,657 crore, Axis Bank said in a regulatory filing.
The lender's interest income also increased to ₹25,557 crore from ₹18,729 crore in the same quarter a year ago.
The bank's Net Interest Income (NII) grew 27% to ₹11,959 crore while Net Interest Margin (NIM) for Q1FY24 improved to 4.10%, up from 3.6% in the same period a year ago.
On a consolidated basis, the bank reported a net profit of ₹6,099 crore in the quarter ended in June as against ₹4,389 crore a year ago.
On the asset quality side, the bank witnessed improvement with the gross Non Performing Assets (NPAs) easing to 1.96% of the gross advances by June 2023 from 2.76% a year ago.
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