Net profit up 40.5% YoY, gross NPAs down to 1.96%

Axis Bank on Wednesday reported a 40.5 per cent in its standalone net profit in the quarter ended June at Rs 5,797.10 crore as compared to Rs 4,125.26 crore in the same quarter last year. In the previous quarter, which ended on March 31, the bank reported a loss of Rs 5,28.42 crore.

The bank’s net interest income (NII) grew 27 per cent year-on-year (YoY) and 2 per cent quarter-on-quarter (QoQ) to Rs 11,959 crore. The net interest margin (NIM) for Q1FY24 stood at 4.10 per cent, up 50 basis points YoY.

The bank’s gross non-performing assets (GNPAs) at 1.96 per cent declined by 80 bps YOY and 6 bps QoQ. The net NPA at 0.41 per cent declined 23 bps YOY. The recoveries from written-off accounts for the quarter were Rs 554 crores.

The overall capital adequacy ratio (CAR), including profit, stood at 17.74 per cent.

The bank’s balance sheet grew 13 per cent YOY and stood at Rs 1.3 trillion as on June 30. The total deposits grew 17 per cent YoY. In this, savings account deposits grew 22 per cent YoY, current account deposits grew 23 per cent YOY and total term deposits grew 13 per cent YoY and 2 per cent QoQ. The share of current account savings account (CASA) deposits in total deposits stood at 46 per cent, up 182 bps YoY.

Axis Bank issued 1.11 million new credit cards in Q1FY24.