Axis Bank announced a standalone net profit of Rs 7,130 crore for the quarter ending March 31, 2024, marking a significant improvement from the loss of Rs 5,728.42 crore in the same quarter of the previous financial year. The net interest income for the quarter was Rs 29,224.54 crore, up by 22% compared to Rs 23,969.76 crore in the corresponding period last year. For the full fiscal year, the net profit was Rs 24,861.43 crore, a notable increase from Rs 9,579.68 crore in FY23.
Axis Bank Q4 Results 2024
The net interest income for FY24 was Rs 1,09,368.63 crore, up from Rs 85,163.77 crore in FY23. The company’s board approved a plan to raise funds through debt instruments in Indian or foreign currency, with a target amount of Rs 35,000 crore. Furthermore, an additional Rs 20,000 crore is set to be raised through equity shares, depository receipts, or other instruments linked to equity shares.
Axis Bank Q4 PAT
The profit after tax (PAT) for FY24 increased by 160% compared to the previous year. The net interest margin (NIM) for the quarter rose to 4.07%, representing a 5 basis point increase year over year. In Q4FY24, fee income saw a 23% year-over-year growth and a 9% quarter-over-quarter increase, with retail fees increasing by 33% year over year and 12% quarter over quarter. Granular fees accounted for 93% of the total fees. Operating profit in Q4FY24 increased by 15% year over year and quarter over quarter, while PAT grew by 17% quarter over quarter.
What Is The Loan growth?
The lender experienced an increase in loan volume in all business sectors, with advances rising by 15% year-on-year and 4% quarter-on-quarter. Rural loans saw growth of 30% year-on-year and 15% quarter-on-quarter. Small business banking loans increased by 33% year-on-year and 7% quarter-on-quarter. The mid-corporate (MC) book expanded by 22% year-on-year.
AP SSC Results 2024
UP Board Scrutiny Result 2024
Bank’s Balance Sheet Depoists
The bank’s balance sheet increased by 12% year over year, reaching Rs 14,77,209 crore as of March 31, 2024. Total deposits grew by 13% year over year and 6% quarter over quarter, with savings account deposits increasing by 2% year over year and 4% quarter over quarter. Current account deposits saw a 5% year-over-year growth and an 18% quarter-over-quarter increase, while total term deposits rose by 22% year over year and 5% quarter over quarter, with retail term deposits growing by 17% year over year and 5% quarter over quarter. CASA deposits accounted for 43% of total deposits.
The Payments And Digital Information
In Q4FY24, the bank issued 1.24 million credit cards. Digital transactions by individual customers accounted for 96% of the total financial transactions, and 79% of individual retail term deposits were opened digitally in FY24. The bank saw a 39% year-on-year growth in total UPI transaction value and a 52% year-on-year growth in mobile banking transaction volumes in Q4FY24.
Axis Bank Net Profit
Axis Bank posted a standalone net profit of Rs 7,130 crore for the quarter ended March 31, 2024, compared to a loss of Rs 5,728.42 crore in the same quarter of the previous fiscal year. The net interest income for the quarter was Rs 29,224.54 crore, marking a 22% increase from Rs 23,969.76 crore in the corresponding period last year. For the full fiscal year, the net profit was Rs 24,861.43 crore, up from Rs 9,579.68 crore in FY23. The NII for FY24 was Rs 1,09,368.63 crore, compared to Rs 85,163.77 crore in FY23.
Axis Bank Approved Raising Funds
The board of the company has approved raising funds through debt instruments in Indian/foreign currency, with an amount of up to Rs 35,000 crore. Additionally, they aim to raise Rs 20,000 crore through equity shares, depository receipts, or other instruments related to equity shares. In FY24, the Profit After Tax (PAT) increased by 160% year-on-year. The net interest margin (NIM) for the quarter rose to 4.07%, an increase of 5 basis points compared to the previous year. Fee income for Q4FY24 grew by 23% year-on-year and 9% quarter-on-quarter, driven by a 33% year-on-year and 12% quarter-on-quarter growth in retail fees. Granular fees accounted for 93% of the total fees. Operating profit for Q4FY24 increased by 15% year-on-year and quarter-on-quarter, while the PAT increased by 17% quarter-on-quarter.
What is the Asset Quality?
The bank’s gross NPA and net NPA levels as of March 31, 2024, were reported at 1.43% and 0.31% respectively, compared to 1.58% and 0.36% as of December 31, 2023. Recoveries from written off accounts for the quarter amounted to Rs 919 crore. Adjusted reported net slippages for the quarter, considering recoveries from the written-off pool, stood at Rs 398 crore. Gross slippages during the quarter totaled Rs 3,471 crore, down from Rs 3,715 crore in Q3FY24 and Rs 3,375 crore in Q4FY23. Recoveries and upgrades from NPAs in the quarter amounted to Rs 2,155 crore. The bank wrote off NPAs totaling Rs 2,082 crore during the quarter.
JAC 10 Result 2024
Karnataka 2nd PUC Results 2024
Axis Bank’s Gross NPA & Net NPA Levels
The bank’s gross NPA and net NPA levels were 1.43% and 0.31% as of March 31, 2024, respectively, compared to 1.58% and 0.36% as of December 31, 2023. Recoveries from written off accounts for the quarter totaled Rs 919 crore. Adjusted net slippages in the quarter, accounting for recoveries from the written-off pool, amounted to Rs 398 crore. Gross slippages during the quarter stood at Rs 3,471 crore, down from Rs 3,715 crore in Q3FY24 and Rs 3,375 crore in Q4FY23. Recoveries and upgrades from NPAs during the quarter reached Rs 2,155 crore. The bank wrote off NPAs totaling Rs 2,082 crore in the quarter.
Summary
The Axis Bank Q4 results for 2024 showcase the bank’s financial performance and strategic direction for the upcoming period. As investors and stakeholders analyze these results, it provides valuable insights into the bank’s profitability, growth trajectory, and overall market position. Understanding these quarterly outcomes can help investors make informed decisions and strategize their investment plans accordingly. Keeping a close eye on such financial updates is essential for anyone interested in the banking sector or considering investments in Axis Bank.
