Axis Bank Reports 40% YoY Rise in Standalone Net Profit for Q1FY24

27 Jul 2023 , 12:15 PM

For the quarter that ended in June 2023, Axis Bank recorded a standalone net profit of Rs 5,797.10 crore, a 40% year-over-year (YoY) increase over the Rs 4,125.26 crore profit the business posted for the comparable period of the previous financial year.

Net interest income (NII) for the bank increased by 27% YoY and 2% QoQ to Rs 11,959 crore. In Q1FY24, the net interest margin (NIM) was 4.10%, up 50 basis points year over year.

In the reporting quarter, interest was earned to the tune of Rs 25,556.77 crore, up 36% from Rs 18,728.65 crore in the equivalent period of the previous fiscal year.

The amount of interest paid out for the reporting quarter was Rs 13,598 crore, an increase of approximately 45% year over year from Rs 9,344.64 crore paid by the corporation in the same quarter of FY23.

The revenue from fees increased by 28% YoY, the retail fee by 37% YoY, and the granular fee by 94% of the total fees.

The announcement of the quarterly results came after market hours. On the NSE, the stock is currently trading at Rs 967, down 1% since yesterday.

While the bank’s core operating profit for Q1FY24 increased 27% YoY to Rs 8,295 crore, its operating profit for the quarter increased 50% YoY to Rs 8,814 crore.

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