Axis Bank Q4 Results
Axis Bank Q4 Results: The bank's net profit for Axis Bank FY24 Results stood at Rs 24,861 crore, which is 160 percent higher than Rs 9,580 crore in the previous financial year (FY23).
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| Axis Bank Q4 Results |
Axis Bank FY24 Results: Axis Bank, one of India's leading private banks, has released the results for the last quarter of FY24 (Q4FY24). In the information given to the exchanges, the bank said today i.e. on Wednesday that during the fourth quarter (Q4) of FY24, the net profit of the company increased to Rs 7,130 crore. The bank had reported a net loss of Rs 5,728 crore in the same period last year (Q4FY23).
Axis Bank Q4 Results (Standalone)
- Total interest income up 11% to Rs 13,089 crore (YoY)
- Profit of Rs 7,129.67 crore against loss of Rs 5,728.42 crore (YoY)
- Gross NPA reduced from 1.58% to 1.43% (QoQ)
- Net NPA reduced from 0.36% to 0.31% (QoQ)
- Advances increased by 14%, from Rs 8.45 lakh crore to Rs 9.65 lakh crore (YoY)
- Deposits grew 13% from Rs 9.47 lakh crore to Rs 10.69 lakh crore (YoY)
Axis Bank Q4 Results Increase in NII
Axis Bank's net interest income (NII) stood at Rs 13,089 crore in the January-March quarter, which is 11 percent higher than Rs 11,742 crore in the same period last year. If we talk about the entire financial year, there has been an increase of 16 percent in the NII of the bank. The NII of the bank was Rs 49,894 crore in FY24 while it was Rs 42,946 crore in FY23. Let us tell you that NII is the difference between the interest income collected from lending activities and the interest paid to depositors.
Axis Bank said that the figures for the March quarter and full financial year 2022-23 include the impact of exceptional items related to the acquisition of the Indian consumer division of Citibank.
Axis Bank Q4 Results Reduction in GNPA and Net NPA
The bank's gross non-performing assets (GNPA) stood at 1.43 percent in Axis Bank Q4FY24 Results, which is lower than 2.02 percent in the same period a year ago. Talking about net NPA, it stood at 0.31 percent in the fourth quarter of FY 24, which was 0.39 percent in the same period last year.
Axis Bank Increased in total deposit
The bank said in the statement that its total deposits till March 31, 2024, stood at Rs 10,68,641 crore, which was Rs 9,46,945 crore in the last financial year (FY23). If seen from this perspective, bank deposits have increased by 13 percent.
Axis Bank Q4 Results 3 percent increase in CASA
Giving information on its Current Account/Savings Account (CASA) deposits, the bank said that its CASA has increased by 3 percent in FY24. CASA deposits with the bank stood at Rs 4,59,401 crore in FY24, which was Rs 4,46,536 crore in FY23.
Total savings deposits with the bank have increased by 2 percent to Rs 3,02,133 crore in FY24 as compared to Rs 2,97,416 crore last year. At the same time, total current deposits have increased by 5 percent to Rs 1,57,268 crore as compared to Rs 1,49,120 crore in the last financial year.
Will get a dividend of Rs 1
The Board has recommended a dividend of Rs 1 per equity share at a face value of Rs 2 per equity share for the year ending March 31, 2024. This will be subject to approval by shareholders at the next annual general meeting.
Bonds worth Rs 35,000 crore will be issued
Axis Bank will raise money by issuing shares worth Rs 20 thousand crore and bonds worth Rs 35,000 crore. The company gave this information through exchange filing.
Axis Bank CEO Amitabh Chaudhary said that during the last two years, we have taken steps to strengthen the deposit franchise. He said that the bank is working on good growth in retail deposits.
The bank's total business grew by 13% during Q4. Provisions increased significantly during the quarter to Rs 1,185.3 crore. Specific loan loss provisions for the quarter reached Rs 832 crore. The bank said in its investor presentation that the bank did not utilize Covid provisions during the quarter and they have been re-classified as other provisions.
Axis Bank Managing Director (MD) and Chief Executive Officer (CEO) Amitabh Chaudhary said, 'The process of incorporating the bank with Citi is on the right track. We will finalize it in the next six months.' It is noteworthy that Axis Bank had acquired Citibank N.A. last year. It acquired the Indian consumer business of Citibank from Citicorp Finance (India) Limited and the NBFC consumer business from Citicorp Finance (India) Limited.
FAQs
Q1. What is the result of Axis Bank Q4?
Answer: Axis Bank Q4 Results: The lender is likely to report net profit falling 6.5% to ₹6,322.7 crore in Q4FY24 from ₹6,761.4 crore (YoY). Axis Bank's Net Interest Income (NII) may jump 10.3% YoY to ₹12,955 crore. The bank may report Net Interest Margin (NIM) declining by 11 bps QoQ to 3.95%.
Q2. Why Axis Bank share is rising?
Answer: Axis Bank shares rose 5% on Thursday, reaching a day high of Rs 1,119, after the business reported better-than-expected profits. The bank posted a massive profit of Rs 7,129.67 crore in the March quarter, boosted by margin growth and higher non-core earnings.
Q3. Which is the own recent award of Axis Bank?
Answer: Awards and Recognition. Axis Bank wins The Asset Triple A Sustainable Finance Awards 2024 for the following categories: Lead Arranger for the Best Sustainability linked loan (Pharmaceuticals) and Client for Best Sustainability Loan.
Q4. What are the expectations of Axis Bank Q4 results?
Answer: India's fourth largest private lender in terms of market capitalisation Axis Bank is likely to make a net profit of Rs 6,305.25 crore for the quarter ending March 31, 2024, according to four brokerages' average projections.
