Axis Bank’s Q1 FY2024 Net Profit Soars 40% YoY reaching Rs. 5790 Crore

Axis Bank has reported a remarkable growth of 40% in its net profit for the first quarter (April-June) of FY24, reaching ₹5,790 crore compared to ₹4,125 crore recorded in the same period last year. This performance beats analyst expectations, with a poll of three brokerages conducted by Moneycontrol previously predicting a net profit of ₹5,889 crore for the bank.

Axis bank earnings Q1 FY2024

The bank’s Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) showed significant improvement, declining to 1.96% and 0.41% respectively, as compared to 2.76% and 0.64% in the corresponding period of the previous fiscal year.

Net interest income (NII) jumped 27% YoY to ₹11,958 crore in Q1FY24, while the net interest margin (NIM) increased by 50 basis points (bps) year-on-year (YoY) to 4.10%.

The bank also reported a robust 36% increase in interest income during the Q1 period, reaching ₹25,556.77 crore. In contrast, the bank’s interest expenses experienced a significant surge, rising over 45% YoY to ₹13,598 crore.

Regarding asset quality, the bank recovered ₹554 crore from the written-off accounts. Moreover, the bank wrote off NPAs amounting to ₹2,131 crores. Net slippages, after adjustments for recoveries, were reported at ₹1,131 crores for the quarter.

Total deposits of the bank rose by 17% YoY, including a 22% increase in savings account deposits and a 23% increase in current account deposits. The bank’s total term deposits grew 13% YoY.

The bank’s loan portfolio also grew, with advances surging by 22% YoY to ₹8.58 lakh crore. The retail loan segment contributed significantly to this growth, increasing by 21% YoY to ₹4.97 lakh crore, and making up 58% of the bank’s net advances.

Shares of Axis Bank rose by 1.37% to settle at ₹975.70 each on the day the results were announced.

Amitabh Chaudhry, MD&CEO, Axis Bank, expressed confidence in the bank’s ability to deliver sustainable growth across all its businesses in the light of India’s strong macroeconomic environment. He emphasized the bank’s commitment to providing seamless banking solutions to customers and strengthening digital capabilities.

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Despite a slight miss from the expected net profit, the bank’s overall performance in Q1 of FY24 has shown impressive growth in multiple areas.

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Author: Sanjib SahaSanjib is a finance based writer who has a deep knowledge in stock market, cryptocurrency and mutual funds. He is also a co-founder of

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