Axis Bank Q4 result highlights: Net profit at ₹7,130 crore, asset quality improves

Private sector lender Axis Bank on Wednesday reported a net profit of ₹7,129 crore for the fourth quarter ended March 31, 2024. The bank had reported a net loss of ₹5,728 crore in the March quarter of 2022-23 fiscal.

Total income rose to ₹35,990 crore in the March quarter of 2023-24 fiscal, from ₹28,758 crore in the year-ago period.

The bank's Net Interest Income (NII) grew 11% year-on-year (YoY) to ₹13,089 crore. For 2023-24 fiscal, the net profit jumped 160% to ₹24,861 crore.

Also read: Axis Bank Q4 Results LIVE update

The numbers for the March quarter of 2022-23 fiscal and the full fiscal include the impact of exceptional items relating to the Citibank business acquisition, Axis Bank said.

Gross NPA for the fourth quarter stood at 1.43% declined by 59 bps YoY and 15 bps QoQ, while net NPA was at 0.31% declined by 8 bps YoY and 5 bps QoQ.

As on 31st March 2024, Axis Bank’s advances grew 14% YoY and 4% QoQ to ₹9,65,068 crore. Domestic net loans grew 15% YoY and 4% QoQ. Retail loans grew 20% YoY and 7% QoQ to ₹5,83,265 crores and accounted for 60% of the net advances of the bank.

Its balance sheet grew 12% YoY to ₹14.7 lakh crore as on March 31, 2024.

The bank issued 1.24 million new credit cards in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing.

The bank's board has recommended a dividend of ₹1 per equity share of the face value of ₹2 per equity share for FY24.

The Bank added 125 branches during the quarter and 475 overall in the FY24 period, taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres.

Shares of Axis Bank closed at ₹1,065 apiece, up 0.88% over the previous close on the NSE.

With inputs from PTI