Axis Bank Q1 Results: Net Profit Surges 41% YoY To Rs 5,797 Crore, NII Up 27% – News18

Axis Bank Q1 Result: Private sector lender Axis Bank on Wednesday reported a 41 per cent YoY jump in its profit after tax (PAT) to Rs 5,797 crore, driven by healthy business momentum and strong all-round operating performance. Its net interest income (NII) during April-June 2023 grew 27 per cent YOY and 2 per cent QOQ.

Axis Bank’s net interest margin during the June 2023 quarter stood at 4.10 per cent, up 50 bps YoY, according to a BSE filing. Its consolidated ROE (annualised) at 19.44 per cent, up 388 bps. ROE stands for return on equity.

The bank’s operating profit for the June 2023 quarter grew 50 per cent YoY to Rs 8,814 crore. Its core operating profit for Q1FY24 grew 27 per cent YOY to Rs 8,295 crore.

Its fee income for Q1FY24 grew 28 per cent YoY to Rs 4,488 crore.

On the asset quality, Axis Bank’s gross NPA and net NPA levels as on June 30, 2023, stood at 1.96 per cent and 0.41 per cent, respectively, as against 2.02 per cent and 0.39 per cent as on March 31, 2023.

“As on June 30, 2023, the capital adequacy ratio (CAR) and CET1 ratio including profit for Q1 was 17.74 per cent and 14.38 per cent, respectively,” Axis Bank said in the filing.

As on June 30, 2023, Axis Bank had a network of 4,945 domestic branches and extension counters situated in 2,754 centres compared to 4,759 domestic branches and extension counters situated in 2,702 centres as at June 30, 2022.

Amitabh Chaudhry, MD & CEO of Axis Bank, said, “We are striving to create a distinctive new age bank that provides seamless banking solutions to customers, giving wings to their financial dreams and aspirations. We have been constantly raising the bar — strengthening our digital capabilities and building on our robust pipeline of products and services, while keeping customer centricity at the core of every initiative.”

He added that with India’s strong macro environment supporting growth and providing abundant opportunities, we are geared up and confident of delivering sustainable growth across all our priority businesses.