Axis Bank posted an 18 per cent rise in its net profit for Q2 FY25, reaching Rs 6,917.57 crore, compared to Rs 5,864 crore in the same period last year. The growth was driven by a surge in core lending income due to strong credit demand. The bank’s net interest income (NII) rose by nearly 10 per cent year-on-year to Rs 13,533 crore, while total income grew to Rs 37,142 crore from Rs 31,660 crore in Q2 FY24.
Amitabh Chaudhry, MD & CEO of Axis Bank, highlighted the bank’s strategic expansion, stating, “We opened 150 new branches in the last three months, expanding both in urban and rural areas.” He also emphasized the bank’s growing presence in Tier 2 cities with its private banking arm, ‘Burgundy Private,’ now operating in 42 locations across India.
The bank’s gross non-performing assets (NPAs) improved, dropping to 1.44 per cent of total loans, compared to 1.73 per cent a year ago. Net NPAs also saw a slight decline to 0.34 per cent from 0.36 per cent. Additionally, recoveries from written-off accounts amounted to Rs 984 crore during the quarter.
Deposits for the quarter grew by 14 per cent YoY to Rs 10.87 lakh crore, with Current Account and Savings Account (CASA) deposits reaching Rs 4.41 lakh crore. However, the CASA ratio declined to 41 per cent, down from 44 per cent in the same quarter last year.
Axis Bank’s advances increased by 11 per cent YoY to Rs 9.99 lakh crore. Retail loans, which represent 60 per cent of the bank’s net advances, grew by 15 per cent YoY. Notably, personal loans rose 23 per cent, while small business banking and rural loans also saw significant growth.
Also Read | South Indian Bank Q2 Results: Net Profit Rises 6.3% to ₹883 cr
Axis Bank continues to focus on balancing digital and physical growth, strengthening its foothold in diverse markets across India.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
