Axis Bank reported a 4 per cent jump in its net profit after tax on a year-on-year (YoY) basis in its first quarter (Q1) earnings on Wednesday. It logged a net profit of Rs 6,034.64 crore for the June quarter in the current financial year (2024-25) against a net profit of Rs 5,797.10 crore in the first quarter of the previous fiscal year (2023-24).
The bank clocked the Gross Non-Performing Assets (GNPAs) at Rs 16,211.34 crore for the April-June quarter in the current FY25, improving from Rs 18,158.23 crore logged in the corresponding quarter a year earlier, it informed via an official filing.
The Net Non-Performing Assets (NNPAs) of the lender stood at Rs 3,552.98 crore in the quarter under review, as compared to Rs 3,703.56 logged in the quarter ended June 30, 2023 in the 2023-24 fiscal year.
The GNPA stood at 1.54 per cent in Q1FY25, while the NNPA was 0.34 per cent in the quarter, both faring better. NPAs are loans or advances issued by the bank which are subject to late repayment or unlikely to be repaid by the borrower in full.
The Net Interest Income (NII) of the bank grew 12 per cent on a year-on-year (YoY) basis to Rs 13,448 crore. Meanwhile, the Net Interest Margin of the lender touched 4.05 per cent in the reviewing quarter. NII is a reflector of interest earned by the bank after measuring the difference between the interest borrowers pay to the bank and the interest paid by the bank to its depositors. The bank completed its integration with Citi successfully in July 2024, it said.
Elaborating on the results, Amitabh Chaudhry, MD and CEO, Axis Bank said, “The last quarter was crucial in terms of getting all the teams to work together for the last leg of Citi integration. I am delighted that the integration is done and it was largely seamless given the size and scale of the transition. I am thankful to the teams who worked tirelessly in making this possible, and to our 2 million new customers for keeping their trust and faith in us.”