Axis Bank on Wednesday reported a standalone net profit of Rs 7,130 crore for the quarter ended March 31, 2024, against a loss of Rs 5,728.42 crore reported by the bank in the corresponding quarter of the last financial year.
The net interest income for the reported quarter stood at Rs 29,224.54 crore, which was up by 22% versus 23,969.76 crore reported in the year-ago period.
For the full year, the net profit stood at Rs 24,861.43 crore versus Rs 9,579.68 in FY23. Meanwhile, the NII for FY24 stood at 1,09,368.63 crore versus Rs 85,163.77 crore in FY23.
FY24 PAT was up 160% on a YoY basis. The net interest margin (NIM) for the quarter was reported at 4.07%, up 5 bps on YoY.
The Q4FY24 fee income grew 23% YoY and 9% QoQ with retail fee growing by 33% YoY and 12% QoQ. The granular fees stood at 93% of total fees.
The Q4FY24 operating profit grew 15% YoY and QoQ with PAT growing by 17% on a QoQ basis.
Loan growth
The lender delivered loan growth across all business segments with the advances jumping 15% on YoY basis and 4% on the QoQ basis. The rural loans grew 30% and 15% on YoY and QoQ basis, respectively.
The small business banking loans grew 33% on a YoY basis and 7% on QoQ basis. The mid-corporate (MC) book grew 22% YoY.
Deposits
The bank’s balance sheet grew 12% YoY and stood at Rs 14,77,209 crore as on March 31, 2024. The total deposits grew 13% YoY and 6% QoQ on period-end basis, of which savings account deposits grew 2% YoY and 4% QoQ.rising
The current account deposits grew 5% YoY and 18% QoQ with total term deposits rising by 22% YoY and 5% QoQ of which retail term d ..
Payments & Digital
The bank issued 12.4 lakh credit cards in Q4FY24. Share of digital transactions in its total financial transactions by individual customers in Q4FY24 stood at 96% while 79% of individual retail term deposits (by volume) were opened digitally in FY24.
Asset Quality
As of March 31, 2024 the bank’s reported gross NPA and net NPA levels were 1.43% and 0.31%, respectively, as against 1.58% and 0.36%, respectively, as on December 31, 2023. Recoveries from written off accounts for the quarter was Rs 919 crore.
Fund Raising:
The company’s board has also approved raising of funds by issue of debt instruments in Indian/foreign currency up to an amount of Rs 35,000 crore. It plans to raise an additional Rs 20,000 crore by issue of equity shares/ depository receipts and/or any other instruments linked to equity shares.
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