Axis Bank reported a standalone net profit of Rs 5,797.10 crore for the first quarter of the current fiscal year, which is 40% up against the Rs 4,125.26 crore profit reported by the company in the same quarter for the FY23.

The net interest income for the current quarter stood at Rs 25,556.77 crore, which is 36% higher than Rs 18,728.65 crore reported in the year-ago quarter.

The interest for the reporting quarter was up by 45% YoY from the Rs 9,344.64 crore the company recorded in Q1FY23.

The bank’sbank’s operating profit for the quarter grew 50% YoY to Rs 8,814 crore, while the core operating profit for Q1FY24 grew 27% YoY to Rs 8,295 crore.

The bank reported a consolidated return on assets was up by 35 basis points to 1.8%.

The current account savings account stood at 44%, which was 151 basis points up in a year period and 31 basis points up from the corresponding quarter.

Amitabh Chaudhry, Managing Director and CEO of Axis Bank, said: “We are striving to create a distinctive new age bank that provides seamless banking solutions to customers, giving wings to their financial dreams and aspirations. We have been constantly raising the bar – strengthening our digital capabilities and building on our robust pipeline of products and services while keeping customer centricity at the core of every initiative”.

He added, ” With India’sIndia’s strong macro environment supporting growth and providing abundant opportunities, we are geared up and confident of delivering sustainable growth across all our priority businesses,”

1.11 million credit cards were issued during the Q1 of the current fiscal year.

At 2:45 pm, shares of Axis Bank were trading 1.58% below their previous close at Rs 961.40 apiece on BSE.