Axis Bank Q1 net profit rises 40% to ₹5,797 crore
The Hindu
Axis Bank posted 40.5% rise in Q1FY24 net profit to ₹5,797cr due to decline in bad loans & improved interest income. Total income rose to ₹30,644cr & NII to ₹11,959cr. Gross NPAs eased to 1.96% & net NPAs to 0.41%. Capital adequacy ratio declined to 17.08%.
Private sector lender Axis Bank on Wednesday posted a 40.5% increase in standalone net profit to ₹5,797 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income.
The bank had posted a net profit of ₹4,125 crore in the year-earlier period.
Total income in the first quarter of the current fiscal rose to ₹30,644 crore from ₹21,657 crore, Axis Bank said in a regulatory filing.
The lender's interest income also increased to ₹25,557 crore from ₹18,729 crore in the same quarter a year ago.
The bank's Net Interest Income (NII) grew 27% to ₹11,959 crore while Net Interest Margin (NIM) for Q1FY24 improved to 4.10%, up from 3.6% in the same period a year ago.
On a consolidated basis, the bank reported a net profit of ₹6,099 crore in the quarter ended in June as against ₹4,389 crore a year ago.
On the asset quality side, the bank witnessed improvement with the gross Non Performing Assets (NPAs) easing to 1.96% of the gross advances by June 2023 from 2.76% a year ago.
While residents are worried over deaths due to diarrhoea in Vijayawada, officials still grapple to find the root cause. Contaminated drinking water supplied by VMC officials is the reason, insist people in the affected areas, but officials insist that efforts are on to identify the disease and that those with symptoms other than diarrhoea too are visiting the health camps.