Axis Bank on Wednesday reported a standalone net profit of Rs 7,130 crore for the quarter ended March 31, 2024, against a loss of Rs 5,728.42 crore reported by the bank in the corresponding quarter of the last financial year.
The net interest income for the reported quarter stood at Rs 29,224.54 crore, which was up by 22% versus 23,969.76 crore reported in the year-ago period.
For the full year, the net profit stood at Rs 24,861.43 crore versus Rs 9,579.68 in FY23. Meanwhile, the NII for FY24 stood at 1,09,368.63 crore versus Rs 85,163.77 crore in FY23.
The company’s board has also approved raising of funds by issue of debt instruments in Indian/foreign currency up to an amount of Rs 35,000 crore. It plans to raise an additional Rs 20,000 crore by issue of equity shares/ depository receipts and/or any other instruments linked to equity shares.
FY24 PAT was up 160% on a YoY basis. The net interest margin (NIM) for the quarter was reported at 4.07%, up 5 bps on YoY.
The Q4FY24 fee income grew 23% YoY and 9% QoQ with retail fee growing by 33% YoY and 12% QoQ. The granular fees stood at 93% of total fees.
The Q4FY24 operating profit grew 15% YoY and QoQ with PAT growing by 17% on a QoQ basis.
