Axis Bank Q2 PAT up 10% to ₹5,864 crore
The Hindu
Asix Bank Ltd. reported second quarter standalone net profit grew 10% to ₹5,864 crore from ₹5,330 crore in the year earlier period due to improvement in asset quality and a 19% growth in Net Interest Income (NII) at ₹12,315 crore for the quarter ended September 30, 2023.
Asix Bank Ltd. reported second quarter standalone net profit grew 10% to ₹5,864 crore from ₹5,330 crore in the year earlier period due to improvement in asset quality and a 19% growth in Net Interest Income (NII) at ₹12,315 crore for the quarter ended September 30, 2023.
“It is a good outcome because the numbers are better than analysts’ expectations,” said Puneet Sharma, CFO, Axis Bank.
The bank’s operating profit for the quarter grew 12% year-on-year (YOY) to ₹8,632 crore. Net interest margin (NIM) for quarter stood at 4.11%, up 15 bps YOY.
Amitabh Chaudhry, MD and CEO, Axis Bank said, “With the upcoming festivities, we are already 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.”
Provision and contingencies for the quarter stood at ₹815 crore and specific loan loss provisions stood at ₹1,010 crore. The bank said it has not utilised Covid provisions during the quarter.
The bank holds cumulative provisions (standard and additional other than NPA) of ₹11,758 crore at the end of the quarter.
The bank’s balance sheet grew 13% YOY and stood at ₹13,38,914 crore, The total deposits grew 18% YOY. The bank said its advances grew 23% YOY to ₹8,97,347 crore.
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