Axis Bank Q1 Net Profit Rises 40% To Rs 5,797 Crore

New Delhi:

Non-public sector lender Axis Financial institution on Wednesday posted a 40.5 per cent enhance in standalone web revenue at Rs 5,797 crore within the April-June quarter, primarily as a consequence of decline in dangerous loans and enchancment in curiosity revenue.

The financial institution had posted a web revenue of Rs 4,125 crore within the year-ago interval.

Complete revenue within the first quarter of the present fiscal rose to Rs 30,644 crore as towards Rs 21,657 crore, Axis Financial institution mentioned in a regulatory submitting.

The lender’s curiosity revenue additionally elevated to Rs 25,557 crore from Rs 18,729 crore in the identical quarter a 12 months in the past.

The financial institution’s Internet Curiosity Earnings (NII) grew 27 per cent to Rs 11,959 crore whereas Internet curiosity margin (NIM) for Q1FY24 improved to 4.10 per cent, up from 3.6 per cent in the identical interval a 12 months in the past.

On a consolidated foundation, the financial institution reported a web revenue of Rs 6,099 crore within the quarter led to June as towards Rs 4,389 crore a 12 months in the past.

On the asset high quality facet, the financial institution witnessed enchancment with the gross Non Performing Belongings (NPAs) easing to 1.96 per cent of the gross advances by June 2023 from 2.76 per cent a 12 months in the past.

The online NPA too declined to 0.41 per cent as towards 0.64 per cent in the identical interval of the earlier 12 months.

Nonetheless, the capital adequacy ratio of the financial institution declined to 17.08 per cent on the finish of June in comparison with 17.28 per cent within the year-ago interval.
 

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