Axis Bank Q1 Net profit up 40%

Axis Bank today a 40 percent rise in net profit to Rs 5,790 crore for the Q1’24 compared to Rs 4,125 crore last year.

The bank’s net interest income grew 27 percent year-on-year to Rs 11,959 crore. Net interest margin (NIM) for Q1FY24 stood at 4.10 percent, up 50 bps YOY.

The gross non-performing assets (GNPA) of the bank declined to 1.96 percent as compared with 2.76 percent last year.

The net non-performing assets of the bank fell to 0.41 percent compared with 0.64 percent last year.

The bank’s advances grew 22 percent YOY to Rs 8.58 lakh crore with domestic net loans increasing by 26 percent YOY.

Retail loans of the lender grew by 21 percent YOY to Rs 4.97 lakh crore and accounted for 58 percent of the net advances of the bank.

The total deposits grew 17 percent YOY, within which savings account deposits increased 22 percent and current account deposits grew 23 percent YOY. The lender’s total term deposits grew 13 percent YOY.

The share of current account and savings account (CASA) deposits in total deposits stood at 46 percent,

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