Axis Bank reports 4% y-o-y growth in Q1 net profit; stock slumps ~7%

25 Jul 2024 , 11:49 AM

Axis Bank on Wednesday declared a standalone net profit of ₹6,035 Crore for the quarter ended June 30, 2024, up 4% from ₹5,797 Crore in the previous year.

The profit was lower than the Street’s forecast of ₹6,348 Crore. The interest income for the reported quarter was ₹30,061 Crore, up 18% from ₹25,557 Crore reported in the same quarter of the previous fiscal year.

The lender spent ₹16,613 Crore on interest during the reported quarter, up from ₹13,598 Crore the previous year. It increased by 22% YoY.

Axis Bank’s gross non-performing assets (NPAs) for the reporting quarter were 1.54%, down from 1.96% in Q1FY24 and 1.43% in Q4FY24.

Gross NPAs totalled ₹16,211.34 Crore in Q1FY25, up from ₹15,127.12 Crore in Q4FY24 but down from ₹18,158.23 Crore in Q1FY24.

As of June 30, the bank’s advances totalled ₹9,80,092 Crore, up 14% year on year and 2% quarterly. Retail loans climbed 18% YoY to ₹5,85,112 Crore, accounting for 60% of the bank’s net advances. Meanwhile, house loans increased by 6% year on year, personal loans by 29%, credit card advances by 22%, and Small Business Banking (SBB) by 26% year on year and 2% quarter on quarter, according to the bank’s report.

The bank’s balance sheet climbed 13% year on year to ₹14,68,163 Crore as of June 30, 2024. On a month-end basis, total deposits increased by 13% year on year, with current account deposits increasing by 12% and total term deposits increasing by 20% year on year and 1% quarter on quarter.

At around 11.44 AM, Axis Bank was trading 6.43% lower at ₹1,159.60 per piece, against the previous close of ₹1,239.25 on NSE. The counter touched an intraday high and low of ₹1,200, and ₹1,155.50, respectively.

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