NEW DELHI: Private lender Axis Bank on Wednesday reported a 10% year-on-year (YoY) rise in net profit to Rs 5864 crore for the July-September quarter of FY24 (Q2FY24). It had reported Rs 5330 crore profit in the corresponding quarter of Q2FY23.Operating profit for the quarter grew 12% YOY to `8,632 crore while net interest margin (NIM) for the quarter stood at 4.11%, up 15 bps YOY.
Net interest income surged 19% YoY to Rs `,315 crore. In the first half of FY24, net interest income grew 23% YoY to Rs 24,273 crore from Rs 19,744 crore in the first half of FY23. The lender’s gross non-performing asset (NPA) witnessed an improvement and stood at 1.73% in Q2FY24, down from 2.5% recorded in Q2FY23. Net NPA for the quarter stood at 0.36%, improving from 0.51% on a year-on-year basis.
Amitabh Chaudhry, MD and CEO, Axis Bank, said, “With the upcoming festivities, we are seeing a surge in demand, which augurs well for business. At Axis Bank, our growth, profitability, sustainability (GPS) agenda is on track and we are looking at steady growth for all major business verticals of the bank.”
Total deposits grew 18% YOY and 1% quarter on quarter (QOQ) on period end basis, within which savings account deposits grew 16% YOY, current account deposits grew 7% YOY; total term deposits grew 22% YOY and 4% QOQ of which retail term deposits grew 15% YOY and 4% QOQ.
Avances grew 23% YOY and 5% QOQ to Rs 897,347 crore as of September 30, 2023. Domestic net loans grew 26% YOY and 5% QOQ. Retail loans grew 23% YOY and 4% QOQ to Rs 5,19,736 crore and accounted for 58% of the net advances of the bank.