Axis Bank on Wednesday recorded a profit growth of 4.1 per cent on-year at Rs 6034.64 crore for the first quarter of FY25 in comparison to Rs 5797.10 crore posted during the corresponding quarter of FY24. The private sector bank recorded a total interest earned during the quarter at Rs 30.06 thousand crore. Net Interest Income (NII) for Q1FY25 stood at Rs 13,448 crore, up 12 per cent YoY. Net interest margin (NIM) for Q1FY25 stood at 4.05 per cent.
The private sector lender’s core operating profit for the quarter grew 16 per cent YOY to Rs 9,637 crore. Operating profit grew by 15 per cent YOY to Rs 10,106 crore.
Provision and contingencies for the first quarter of FY25 stood at Rs 2,039 crore. Specific loan loss provisions for Q1FY25 stood at Rs 2,551 crore. The Bank holds cumulative provisions (standard + additional other than NPA) at Rs 11,732 crore at the end of the June quarter.
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Amitabh Chaudhry, MD & CEO, Axis Bank, said, “The last quarter was crucial in terms of getting all the teams to work together for the last leg of Citi integration. I am delighted that the integration is done and it was largely seamless given the size and scale of the transition. I am thankful to the teams who worked tirelessly in making this possible, and to our 2 million new customers for keeping their trust and faith in us.
Axis Bank’s balance sheet
Axis Bank’s balance sheet grew by 13 per cent on-year at Rs 14,68,163 crore as on June 30, 2024. The total deposits rose by 13 per cent YoY. The share of CASA deposits in total deposits stood at 42 per cent. On QAB basis, total deposits grew 14 per cent YOY, within which savings account deposits grew 3 per cent YOY, current account deposits grew 8 per cent YOY; and total term deposits grew 21 per cent YOY. The Bank’s advances grew 14 per cent YOY to Rs 9,80,092 crore as on June 30, 2024.
Axis Bank’s retail loans grew by 18 per cent YoY to Rs 5,85,112 crore. Home loans rose by 6 per cent YoY, personal loans grew by 29 per cent YOY, credit card advances was up by 22 per cent YOY, Small Business Banking (SBB) grew by 26 per cent YOY, and rural loan portfolio grew 24 per cent YOY.
Further, Axis Bank’s SME book remains well diversified across geographies and sectors, and posted a growth of 20 per cent YOY to Rs 1,04,016 crore. Corporate loan book (gross of IBPC sold) grew by 10 pr cent YOY; domestic corporate book grew by 7 per cent YOY. Mid-corporate book was up by 24 per cent YOY.
Axis Bank’s asset quality
Axis Bank reported gross NPA at 1.54 per cent during Q1FY25 as against 1.96 per cent during the same period last year. The net NPA came in at 0.34 per…
Read More: Axis Bank Q1 Results: Profit rises marginally by 4.1% YoY, NII at Rs 13,448
