Axis Bank gained 3.96% to Rs 1,105.80 after the private lender reported net profit of Rs 7,129.67 crore in Q4 FY24 as against net loss of Rs 5,728.42 recorded in Q4 FY23.
Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024.Net interest income (NII) grew 11% YoY to Rs 13,089 crore while net interest margin (NIM) slipped 16 basis points (bps) YoY to 4.06% during the quarter.
Profit before tax in Q4 FY24 stood at Rs 9,350.39 crore as compared with pre-tax loss of Rs 3,627.98 crore recorded in Q4 FY23.
Operating profit before provisions & contingencies increased 14.92% YoY to Rs 10,535.70 crore for the quarter. The bank's provisions and contingencies zoomed to Rs 1,185.31 crore from Rs 305.77 crore posted in same quarter last year.
The bank holds cumulative provisions (standard + additional other than NPA) of Rs 12,134 crore at the end of Q4 FY24, over and above the NPA provisioning included in PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.26% as on 31 March 2024. On an aggregated basis, provision coverage ratio (including specific + standard and other provisions) stood at 159% of GNPA as on March 2024.
Credit cost for the quarter ended 31 March 2024 stood at 0.32%, up by 10 basis points (bps) YoY.
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The bank's gross non-performing assets (NPAs) stood at Rs 15,127.12 crore as on 31 March 2024 as against Rs 18,604.23 crore as on 31 March 2023.
The ratio of gross NPAs reduced to 1.43% as on 31 March 2024 as against 2.02% as on 31 March 2023.
The ratio of net NPAs declined to 0.31% as on 31 March 2024 as against 0.39% as on 31 March 2023.
As on 31 March 2024, the bank's provision coverage, as a proportion of gross NPAs stood at 79%, as compared to 81% as at 31 March 2023.
The fund based outstanding of standard restructured loans implemented under resolution framework for COVID-19 related stress (Covid 1.0 and Covid 2.0) declined during the quarter and as at 31 March 2024 stood at Rs 1,528 crore that translates to 0.14% of the gross customer assets. The bank carries a provision of around 20% on restructured loans, which is in excess of regulatory limits.
Gross slippages during the quarter were Rs 3,471 crore, compared to Rs 3,375 crore in Q4 FY23.
The bank's net advances grew 14% YoY to Rs 9,65,068 crore and total deposits jumped 13% YoY to Rs 10,68,641 crore as on 31 March 2024.
As on 31 March 2024, CASA deposits rose 3% YoY to Rs 4,59,401 crore while CASA deposits as % of total deposits stood at 43% as on 31 March 2024 as against 47% as on 31 March 2023.
As on March 2024, capital adequacy ratio (basel III) stood at 16.63%. Tier I was at 14.20% and Tier II at 2.43% as on 31 March 2024.
The bank's return on average assets (ROA) and Return on equity (ROE) stood at 2% and 20.35%, respectively in the quarter ended 31 March 2024.
For FY24, the banks net profit soared 159.52% to Rs 24,861.43 crore on 30.11% rise in total income to Rs 1,31,810.59 crore over FY23.
Axis Bank is the third-largest private sector bank in India. During the quarter, the bank added 125 branches taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres and 16,026 ATMs and cash recyclers spread across the country. The bank's Axis Virtual Centre is present across six centres with over 1,590 virtual relationship managers as on 31 March 2024.
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