Private sector lender Axis Bank on October 25 reported a net profit of Rs 5864 crore for the July-September FY24 quarter, which marks a 10 percent jump from Rs 5330 crore clocked a year ago.
The company's net profit at Rs 5864 crore is beating the market estimates of Rs 5,698 crore.
The net interest income (NII), at Rs 12315 crore, is higher as against the market estimates of Rs 11,908 crore and grew 19 percent YOY. Net interest margin (NIM) for Q2FY24 stood at 4.11 percent up 15 bps YOY.
Provision and contingencies for the bank stood at Rs 815 crore and specific loan loss provisions for July-September FY24 stood at Rs 1,010 crore.
The bank's gross non-performing asset (NPA) stood at 1.73 percent, down from 2.5 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.36 percent, improving from 0.51 percent on a year-on-year basis. Recoveries from written off accounts for the quarter was Rs 664 crore.
The bank’s advances grew 23 percent YOY and stood at Rs 8.97 lakh crore. Deposits of the lender stood at Rs 9.55 lakh crore versus Rs 8.11 lakh crore last year corresponding quarter. Domestic net loans of the bank grew 26 percent YOY whereas retail loans grew 23 percent to Rs 5.19 lakh crore.
The shares of Axis Bank closed for trading on October 25 at Rs 956.85 apiece on BSE, down by 0.77 percent.
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