 "Axis Bank Q4 results: Reports net profit at Rs 7,130 crore, NII rises 11%")
The country’s third largest private sector lender, Axis Bank, on Wednesday reported net profit of Rs 7,129.67 crore in the quarter ended March 31 as compared to a net loss of Rs 5,728.42 crore in the same period of the previous year, despite an increase in loan loss provision.
The numbers are not comparable as the consumer business of Citi India was merged with Axis in the fourth quarter of FY23.
Net interest income grew 11 per cent year-on-year (Y-o-Y) to Rs 13,089 crore while fee income grew by 23 per cent to Rs 5,637 crore. The trading income gain for the quarter stood at Rs 1,021 crore.
Net interest margin for the quarter was 4.06 per cent, up 5 bps sequentially.
Also Read
Provision for the quarter was Rs 1,185.31 crore as compared to Rs 305.77 crore mainly due to rise in provision for non-performing assets which went up from Rs 270 crore in the Q4 of FY23 to Rs 832 crore. Fresh slippages during the quarter was Rs 3,471 crore. Provision coverage ratio was at 79 per cent.
“The bank has not utilised Covid provisions during the quarter and these are reclassified to other provisions,” Axis Bank said.
The bank’s reported Gross NPA and Net NPA levels were 1.43% and 0.31% respectively on 31 March as against 1.58% and 0.36% as on 31st December 2023.
The total deposits grew 13% Y-o-Y while the current and savings account deposits were 43 per cent of the total deposits.
Advances grew 14% Y-o-Y to Rs 9.65 trillion mainly due to 20 per cent growth in retail loans which are 60 per cent of the bank’s net advances.