Axis Bank, in its latest financial disclosure for the fiscal quarter spanning January to March 2023-24 (Q4FY24), unveiled a remarkable turnaround, posting a net profit of ₹7,130 crore. This figure marks a significant upswing from the loss of ₹5,728.4 crore reported in the corresponding period of the previous fiscal year.
Under the leadership of MD & CEO Amitabh Chaudhry, the bank witnessed notable growth across key operational metrics. Chaudhry remarked, “In FY24, Axis Bank charted a course of steady progress, focusing on Bharat Banking, Digital, and Sparsh while seizing new opportunities. Our Citi integration is on track, approaching the final milestone within the next six months.”
Here are the key highlights from Axis Bank’s Q4FY24 performance:
Profit & Loss Account: The bank’s operating profit surged by 15% year-on-year to reach ₹10,536 crore. The core operating profit for the quarter stood at ₹9,515 crore, marking a five percent increase year-on-year. Notably, the net profit of ₹7,130 crore in Q4FY24 marks a substantial growth of 17% quarter-on-quarter. The net interest margin (NIM) for Q4FY24 stood at 4.06%, reflecting a five-bps increase quarter-on-quarter.
Dividend: Axis Bank’s board has proposed a dividend of Re 1 per equity share for FY24, subject to approval by shareholders at the upcoming annual general meeting.
Asset Quality: As of March 31, 2024, the bank reported gross non-performing assets (NPA) and net NPA levels of 1.43% and 0.31%, respectively, showing improvement from the previous quarter. The reported net slippages for the quarter, adjusted for recoveries, stood at ₹398 crore.
Provisions and Contingencies: The bank’s provision coverage ratio stood at 79% as of March 31, 2024. Provision and contingencies for Q4FY24 amounted to ₹1,185 crore, with specific loan loss provisions reaching ₹832 crore.
Also Read | Axis Bank Q3 Results: Net profit grows 4% to Rs 6,071 Cr
Other Income: Other income, including fee income, witnessed robust growth, reaching ₹5,637 crore for Q4FY24. Retail fees constituted a significant portion of the bank’s total fee income, growing by 33% year-on-year.
Additionally, Axis Bank‘s balance sheet expanded by 12% year-on-year, reaching ₹14,77,209 crore as of March 31, 2024. Total deposits and advances grew by 13% and 14%, respectively, showcasing the bank’s sustained growth trajectory.
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/
