Axis Bank reports Rs.7130 crore Net Profit for Q4, Check complete financial performance here

Axis Bank recently reported its financial performance for the fiscal fourth quarter, showing significant improvement compared to the previous year.

Net Profit and NII:

• The bank reported a net profit of Rs 7,130 crore for the fourth quarter, a remarkable turnaround from the Rs 5,762 crore loss in the year-ago period attributed to the acquisition of Citi Bank’s India consumer division.
• The net interest income (NII) of the bank stood at Rs 13,089 crore, marking an 11.47% increase from the previous year’s figure of Rs 11,742 crore.

Asset Quality and Dividend:

• Axis Bank’s gross non-performing asset (NPA) decreased to 1.43% from 2.02% in the year-ago period, with net NPAs at 0.31% compared to 0.39% previously.
• The board of directors recommended a dividend of Rs 1 per equity share of face value of Rs 2 per equity share for the year ended March 31, 2024.

Provisions and Contingencies:

• The bank’s provision and contingencies for Q4FY24 amounted to Rs 1,185 crores, with specific loan loss provisions standing at Rs 832 crores.
• Cumulative provisions (standard + additional other than NPA) at the end of FY24 totaled Rs 12,134 crores.

CEO’s Statement and NIM:

• Amitabh Chaudhry, MD & CEO, Axis Bank, highlighted the bank’s steady progress in FY24, emphasizing their focus on key priority areas and their nimbleness in seizing new opportunities.
• Axis Bank’s net interest margin (NIM) contracted to 4.06% from 4.22% a year earlier, but showed a slight increase from 4.01% in the previous quarter.

Fundraising Approval:

• The bank’s board approved a fundraise via issue of debt instruments worth Rs 35,000 crore, and an additional Rs 20,000 crore via equity.

In summary, Axis Bank’s financial report reflects a notable turnaround in its performance and strategic initiatives for the fiscal year 2023-24.