Axis Bank Q4 Results: Net Profit at ₹7,130 Crore, NII Rises 11.5% YoY, Dividend Declared; 5 Key Highlights
Axis Bank, one of India's leading private sector lenders, unveiled its fourth-quarter results for fiscal year 2023-24 (Q4FY24) on April 24th, 2024, showcasing a remarkable turnaround. Here's a comprehensive breakdown of the key highlights from Axis Bank's Q4 performance:
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Net Profit and NII Growth: Axis Bank reported a staggering net profit of ₹7,130 crore for Q4FY24, a significant improvement compared to the loss of ₹5,728.4 crore in the same period last year. The net interest income (NII) surged by 11.5% year-on-year to ₹13,089 crore, reflecting the bank's robust operational performance.
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Operational Performance: The bank's operating profit witnessed a remarkable rise, reaching ₹10,536 crore, marking a 15% increase compared to the previous year. Additionally, the core operating profit for the quarter stood at ₹9,515 crore, showcasing a five percent year-on-year growth.
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Dividend Declaration: In a move that underscores confidence in its financial strength and performance, Axis Bank's board recommended a dividend of Re 1 per equity share for fiscal year 2023-24. This decision reflects the bank's commitment to rewarding its shareholders while maintaining a steady growth trajectory.
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Asset Quality and Provisions: Axis Bank demonstrated resilience in asset quality management, with reported gross non-performing assets (NPA) and net NPA levels standing at 1.43% and 0.31%, respectively, as of March 31, 2024. The bank's provision coverage ratio remained robust at 79%, providing a cushion against potential credit risks.
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Other Income Growth: The bank's other income, particularly fee income, witnessed a robust growth trajectory, growing by 23% year-on-year and nine percent quarter-on-quarter to ₹5,637 crore. Retail fees constituted a significant portion of the bank's total fee income, underscoring the strength of its retail banking franchise.
Axis Bank's stellar performance in Q4FY24 reflects its steadfast focus on driving operational efficiency, managing asset quality, and enhancing shareholder value. With a resilient balance sheet, robust profitability, and strategic growth initiatives, Axis Bank continues to position itself as a formidable player in India's banking landscape.