Axis Bank, one of the largest private sector banks in India announced its Q3FY24 results today, reporting a net profit of Rs 6,071 crores, as compared to Rs. 5,853 crores in Q3FY23. The Bank’s Net Interest Income (NII) grew 9% YoY and 2% QoQ to Rs. 12,532 crores in Q3FY24 from Rs. 11,459 crores in Q3FY23. Its Net interest margin (NIM) for Q3FY24 stood at 4.01%. On QAB basis, CASA grew up 13% YoY and 1% QoQ, whereas CASA ratio stood at 42%. As on 31st December 2023, the Bank’s reported Gross NPA and Net NPA levels at 1.58% and 0.36%. The Bank’s Fee income for Q3FY24 grew 29% YoY and 4% QoQ to 5,170 crores. Retail fees grew 36% YoY and 6% QoQ, constituting 72% of the Bank’s total fee income. Overall capital adequacy ratio (CAR) including profit stood at 16.63% with CET 1 ratio of 13.71%.
Amitabh Chaudhry, MD&CEO, Axis Bank commented, “The conversations on India are buoyant and it’s being looked upon as an important investment destination, evident in discussions at global platforms like the World Economic Forum. The Indian economic momentum has been strong in FY24, and we believe the trend will continue well into FY25. At Axis Bank, our focus has been on sustainable and inclusive growth, with customers taking the center-stage in every discussion. This quarter we celebrated ‘Sparsh Week’, a week-long agenda focused on educative customer-centric activities, with 15 events covering 5000+ branches and retail asset centers, reaching out to 95000+ employees.”
Comments are closed.