The private sector lender, Axis Bank, on 24 April announced its quarterly earnings for January-March along with Interim dividend. 

The bank reported a net profit of Rs 7,130 crore for the quarter under review from Rs 5,762 crore net loss reported in the same quarter last year. Last year, the net profit was negatively impacted by the conclusion of Axis Bank’s acquisition of Citi Bank’s India consumer division in the previous fiscal year. The annual net profit of the bank stood at Rs 24,861 crore for the fiscal year 2024 from Rs 9,580 crore recorded during the fiscal year 2023.

The net interest income (NII) during the quarter stood at Rs 13,089 crore, marking an 11.47% year-on-year increase from Rs 11,742 crore reported in the same quarter of the previous fiscal year. 

The bank’s gross non-performing asset (NPA) stood at 1.43%, down from 2.02% in the same quarter last year, while the net NPA stood at 0.31% during Q4FY24 from 0.39% in Q4FY23. 

The provision and contingencies for the quarter stood at Rs 1,185 crores, and specific loan loss provisions for Q4FY24 stood at Rs 832 crore.

The company’s board of directors also declared an interim dividend of Rs 1 per share for the fiscal year 2024.

Amitabh Chaudhry, MD & CEO of 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.”

Furthermore, the bank’s board have also considered and approved the plans to raise funds via the issue of debt instruments worth Rs 35,000 crore and another Rs 20,000 crore via equity.

At 3:30 pm, the share of Axis Bank closed 0.88% higher at Rs 1,065 on NSE.