The private lender reported 4.1% rise in net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.
Net interest income (NII) grew 12% YoY to Rs 13,448 crore during the quarter. Net interest margin (NIM) stood at 4.05% in Q1 FY25 compared with 4.10% posted in same quarter last year.Profit before tax in June 2024 quarter stood at Rs 8,066.96 crore, registering an increase of 3.7% YoY.
Operating profit before provisions & contingencies increased 14.66% YoY to Rs 10,106.24 crore for the quarter. The bank's provisions and contingencies zoomed 97.05% to Rs 2,039.28 crore from Rs 1,034.88 crore posted in same quarter last year.
The bank holds cumulative provisions (standard + additional other than NPA) of Rs 11,732 crore at the end of Q1 FY25, over and above the NPA provisioning included in PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.20% as on 30 June 2024. On an aggregated basis, provision coverage ratio (including specific + standard and other provisions) stood at 150% of GNPA as on June 2024.
Credit cost for the quarter ended 30 June 2024 stood at 0.97% as against 0.50% posted in June 2023 quarter.
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The bank's gross non-performing assets (NPAs) stood at Rs 16,211.34 crore as on 30 June 2024 as against Rs 18,158.23 crore as on 30 June 2023.
The ratio of gross NPAs reduced to 1.54% as on 30 June 2024 as against 1.96% as on 30 June 2023.
The ratio of net NPAs declined to 0.34% as on 30 June 2024 as against 0.41% as on 30 June 2023.
As on 30 June, 2024, the banks provision coverage, as a proportion of gross NPAs stood at 78%, as compared to 80% as at 30 June 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 June 2024 stood at Rs 1,409 crore that translates to 0.13% 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 4,793 crore, compared to Rs 3,471 crore in Q1 FY24.
The bank's net advances grew 14% YoY to Rs 9,80,092 crore and total deposits jumped 13% YoY to Rs 10,62,484 crore as on June 2024.
As on 30 June 2024, CASA deposits rose 4% YoY to Rs 4,44,479 crore while CASA deposits as % of total deposits stood at 42% as on June 2024 as against 46% as on June 2023.
As on June 2024, capital adequacy ratio (basel III) stood at 16.65%. Tier I was at 14.52% and Tier II at 2.13%.
The bank's return on average assets (ROA) and Return on equity (ROE) stood at 1.65% and 16.26%, respectively in the quarter ended 30 June 2024.
Axis Bank is the third-largest private sector bank in India. During the quarter, the bank added 50 branches taking its overall distribution network to 5,427 domestic branches and extension counters situated across 2,987 centres and 15,014 ATMs and cash recyclers spread across the country. The bank's Axis Virtual Centre is present across six centres with over 1,600 virtual relationship managers as on June 2024.
The scrip declined 1.83% to close at Rs 1,239.75 on the BSE.
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