AXIS BANK Q4 RESULTS: NET PROFIT AT RS 7,130 CRORE; NII SURGES 22% YOY

Axis Bank announced a standalone net profit of Rs 7,130 crore for the fourth quarter of financial year 2023-24 (FY24).

This marks a significant turnaround from the loss of Rs 5,728.42 crore reported in the same quarter of the previous financial year.

The bank's net interest income (NII) for the reported quarter witnessed a growth of 22% year-on-year (YoY), reaching Rs 29,224.54 crore, compared to Rs 23,969.76 crore in the corresponding period last year.

For the full fiscal year FY24, Axis Bank's net profit stood at Rs 24,861.43 crore, an increase from Rs 9,579.68 crore recorded in FY23. Meanwhile, the NII for FY24 amounted to Rs 1,09,368.63 crore, up from Rs 85,163.77 crore in FY23.

The bank's board has approved plans to raise funds through the issuance of debt instruments in Indian or foreign currency, with an aggregate amount of up to Rs 35,000 crore. Additionally, it aims to raise an additional Rs 20,000 crore through the issuance of equity shares, depository receipts, or other instruments linked to equity shares.

The profit after tax (PAT) for FY24 surged by an impressive 160% on a YoY basis. The net interest margin (NIM) for the quarter stood at 4.07%, up by 5 basis points (bps) compared to the previous year.

In Q4FY24, fee income grew by 23% YoY and 9% quarter-on-quarter (QoQ), with retail fee seeing a growth of 33% YoY and 12% QoQ. Notably, granular fees accounted for 93% of the total fees.

Operating profit for Q4FY24 increased by 15% YoY and QoQ, with PAT growing by 17% QoQ.

Axis Bank saw loan growth across all business segments, with advances increasing by 15% YoY and 4% QoQ. Rural loans saw a remarkable growth of 30% YoY and 15% QoQ, while small business banking loans and mid-corporate (MC) book grew by 33% and 22% YoY, respectively.

The bank's balance sheet increased by 12% YoY, reaching Rs 14,77,209 crore as of March 31, 2024. Total deposits increased by 13% YoY and 6% QoQ, with savings account deposits growing by 2% YoY and 4% QoQ.

Current account deposits increased by 5% YoY and 18% QoQ, while total term deposits rose by 22% YoY and 5% QoQ, with retail term deposits growing by 17% YoY and 5% QoQ. The share of CASA deposits in total deposits stood at 43%.

Axis Bank issued 12.4 lakh credit cards in the fourth quarter of FY24. Digital transactions accounted for 96% of total financial transactions by individual customers, while 79% of individual retail term deposits were opened digitally in FY24.

The bank also witnessed a 39% YoY growth in total UPI transaction value and a 52% YoY growth in mobile banking transaction volumes in Q4FY24.

As of March 31, 2024, Axis Bank reported gross non-performing assets (NPAs) at 1.43% and net NPAs at 0.31%, showing an improvement from the previous quarter.

Recoveries from written-off accounts for the quarter amounted to Rs 919 crore.

Reported net slippages in the quarter, adjusted for recoveries from the written-off pool, were Rs 398 crore. Gross slippages during the quarter stood at Rs 3,471 crore, with recoveries and upgrades from NPAs amounting to Rs 2,155 crore. The bank wrote off NPAs totalling Rs 2,082 crore during the quarter.

2024-04-24T12:49:54Z dg43tfdfdgfd