Ahead of Axis Bank Q4 results, here’s how it performed in the last three quarters of FY24
Upstox
3 min read • Updated: April 24, 2024, 12:31 PM
Summary
Investors will keep an eye on Axis Bank's profit figures for the March quarter as the lender reported a net loss in the last quarter of FY 2022-23, due to the merger with Citi. The bank’s net interest income margins and non-performing assets (NPAs) will also be under investors’ lens.
Private lender Axis Bank will announce its financial results for the March quarter and the full financial year 2023-24 on Wednesday, April 24.
Axis Bank shares are trading in a narrow range on Wednesday ahead of the Q4 result announcement. The stock trades at ₹1,060 per share, with a day high of ₹1,068 apiece on the NSE.
Investors will keep an eye on the bank's profit numbers for the March quarter as the lender reported a net loss in the last quarter of FY 2022-23, due to the merger with Citi. The bank’s net interest income margins and non-performing assets as a percentage of advances will also be under investors’ lens.
Also Read: Axis Bank Q4 Results LIVE update
Ahead of Axis Bank’s Q4 results, here’s a look at how the private lender has performed in the previous three quarters of FY24.
Axis Bank’s Q3 net interest income (NII) grows by 9% YoY
Axis Bank reported a 2% quarter-on-quarter growth in net interest income (NII) at ₹12,532 crore in the December quarter against ₹12,315 in the September quarter. On a year-on-year basis the NII stood increased 9% compared to the same period a year ago. The lender’s NII stood at ₹11,959 crore in Q1FY24.
The bank’s net interest margin (NIM), however, dropped to 4.01% in Q3FY24 against 4.11% in the September quarter. The lender’s NIM almost remained flat sequentially in Q2FY24 compared to 4.10% in the June quarter.
Net profit
Axis Bank reported a net profit of ₹6,071.10 crore in Q3FY24 against ₹5,853.07 crore a year ago, and ₹5.863.56 crore in the September quarter. The bank reported a net profit of ₹5.797.1 crore in June quarter.
Provisions
Axis Bank reported provisions for bad loans and contingencies at ₹1,049.06 crore in the December quarter against ₹1.445.63 crore in Q3FY23. However, there was an uptick in provisions in the third quarter compared to ₹852.15 crore in the September quarter. Provisions stood at ₹1,034.88 crore in the June quarter of FY24.
GNPA ratio drops in Q3FY24
Gross non-performing assets (GNPA) fell to ₹15,893.01 crore in the December quarter from ₹16,756.74 crore in the September quarter and ₹18,158.23 crore in the June quarter.
The GNPA ratio stood at 1.58% and net NPA ratio at 0.36% in the December quarter against 1.73% and 0.36%, respectively in the September quarter. The bank reported GNPA ratio of 1.96% and net NPA ratio at 0.41% in the June quarter.