Profit Reaches 4%, Asset Quality Robust: Axis Bank Q3 Results
Axis Bank has declared its financial results for the third quarter of the financial year 2023-24 (Q3 FY24), according to which the bank's net profit for the period was Rs 6,071 crore, which represents a 4 per cent increase from the same period last year. However, the reported net profit fell slightly short of the market estimate of Rs 6,114 crore.
The bank's net interest income (NII), which is the difference between the interest earned from lending activities and the interest paid to depositors, was reported at Rs 12,532 crore. This figure is almost in line with the market estimate of Rs 12,555 crore.
During the quarter, the lender made a provision on its entire alternative investment funds (AIF) aggregating Rs 182 crore. The net interest margin (NIM) for the quarter stood at 4.01 per cent.
The bank's gross non-performing asset (NPA) stood at 1.58 per cent, down from 2.38 per cent recorded in the same quarter last year. On the other hand, net NPA for the quarter remained flat at 0.36 per cent on a year-on-year (YoY) basis.
Total deposits of the lender stood at Rs 10.04 lakh crore and grew by 18 per cent YoY of which savings and current account (CASA) deposits grew 16 per cent and 5 per cent respectively. The total term deposits grew 24 per cent. The share of CASA deposits in total deposits stood at 42 per cent.
The bank’s advances grew 22 per cent YoY and stood at Rs 9.32 lakh crore. Retail loans of the lender grew 27 per cent to Rs 5.46 lakh crore. Out of this, the share of secured retail loans was around 75 per cent with home loans comprising 30 per cent of the retail book.
