Axis Bank shares Q4 results, reports net profit of Rs7129 crore

by Psu Connect
Date: 25-04-24
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The bank’s board has also recommended to final dividend of Rs 1 per equity share, subject to approval. Meanwhile, a total of Rs 55,000 crore fundraising has also been showcased to done via debt instruments and equity shares.

Axis Bank shares Q4 results, reports net profit of Rs7129 crore

New Delhi: The Bank’s operating profit for the quarter stood at Rs 10,536 crores, growing 15% YOY and 15% QOQ. Core Operating profit for Q4FY24 at Rs 9,515 crores, grew 5% YOY and 8% QOQ. Net profit stood at Rs 7,130 crores in Q4FY24 as compared to a net loss of Rs 5,728 crores in Q4FY23 and grew 17% QOQ.

The Bank’s Net Interest Income (NII) grew 11% YOY and 4% QOQ to Rs 13,089 crores. Net interest margin (NIM) for Q4FY24 stood at 4.06% and grew 5 bps QOQ.

The bank’s FY24 PAT stood at Rs 24,861 crores up 160% YOY, NIM at 4.07% up 5 bps YOY, Consolidated ROA at 1.84%, up 99 bps YOY; Consolidated ROE at 19.29% up 1,003 bps YOY; aided by balanced deposit and loan growth of 13% and 14%, respectively.

The banking operating structure owns Q4FY24 Operating revenue up by 20% YOY with 10% quarter-on-quarter. While the Net Interest Income grew 16% YOY in FY24, fee income grew 28% YOY, operating profit grew 16% YOY.

The Bank’s balance sheet grew 12% YOY and stood at Rs 14,77,209 crores as of 31st March 2024. The total deposits grew by 13% YOY and 6% QOQ on the period-end basis, of which savings account deposits grew 2% YOY and 4% QOQ, current account deposits grew 5% YOY and 18% QOQ; total term deposits grew 22% YOY and 5% QOQ of which retail term deposits grew 17% YOY and 5% QOQ.