Private sector lender Axis Bank on Wednesday posted a 40.5 per cent increase in standalone net profit at Rs 5,797 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income. The bank had posted a net profit of Rs 4,125 crore in the year-ago period.
Total income in the first quarter of the current fiscal rose to Rs 30,644 crore as against Rs 21,657 crore, Axis Bank said in a regulatory filing. The lender's interest income also increased to Rs 25,557 crore from Rs 18,729 crore in the same quarter a year ago.
Axis Bank's Net Interest Income (NII) grew 27 per cent to Rs 11,959 crore while Net interest margin (NIM) for Q1FY24 improved to 4.10 per cent, up from 3.6 per cent in the same period a year ago.
On a consolidated basis, the bank reported a net profit of Rs 6,099 crore in the quarter ended in June as against Rs 4,389 crore a year ago. On the asset quality side, the bank witnessed improvement with the gross Non Performing Assets (NPAs) easing to 1.96 per cent of the gross advances by June 2023 from 2.76 per cent a year ago.
The net NPA too declined to 0.41 per cent as against 0.64 per cent in the same period of the previous year. However, the capital adequacy ratio of the bank declined to 17.08 per cent at the end of June compared to 17.28 per cent in the year-ago period.
The share of current account and savings account (CASA) deposits in total deposits stood at 46 per cent, up 182 bps YoY.
The total deposits grew 17 per cent YoY, within which savings account deposits increased 22 per cent and current account deposits grew 23 per cent YoY. The lender's total term deposits grew 13 per cent YoY.
Axis Bank issued 1.11 million new credit cards in Q1FY24.