Axis Bank has reported a net profit of Rs 7,130 crore for fiscal fourth quarter as against a loss of Rs 5,762 crore in the year-ago period after it bought Citi Bank's India consumer division.
The private sector lender's net interest income (NII), the difference between the interest income it earned from lending activities and the interest paid to depositors, came in at Rs 13,089 crore, up 11.47 percent from the previous year's Rs 11,742 crore.
Axis Bank's gross non-performing asset (NPA) stood at 1.43 percent, down from 2.02 percent from the year-ago period. Net NPAs were at 0.31 percent compared to 0.39 percent.
The lender's board of directors has recommended dividend of Rs 1 per equity share of face value of Rs 2 per equity share for the year ended March 31, 2024. the gross slippage ratio of the bank at 1.48 percent, declined 28 bps YoY and net slippage ratio at 0.57 percent.
Provision and contingencies for Q4FY24 stood at Rs 1,185 crores and specific loan loss provisions for Q4FY24 stood at Rs 832 crores. The bank holds cumulative provisions (standard + additional other than NPA) of Rs 12,134 crores at the end of FY24.
Full year net profit of the bank stood at Rs 24,861 crore versus Rs 9,580 crore in FY23.
The stock ended the day at Rs 1064.05, 0.72 percent up on BSE.
Amitabh Chaudhry, MD & CEO, Axis Bank said: “In FY24, Axis Bank charted a course of steady progress. While we relentlessly focused on our key priority areas - Bharat Banking, Digital and Sparsh (our customer obsession program), I believe we were also nimble in picking up some enticing new opportunities that came our way. Our Citi integration is on track, and we are inching towards the final milestone LD2 in the next six months."
Axis Bank's net interest margin (NIM) - the difference between interest obtained on loans and paid on deposits expressed as percentage - shrunk to 4.06% from 4.22% a year earlier, but rose slightly from 4.01% in the previous quarter.
Separately, the bank's board approved a fundraise via issue of debt instruments worth Rs 35,000 crore, and another Rs 20,000 crore via equity.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
