Axis Bank Q1 results: Net profit surges by 39%

Axis Bank Ltd reported unaudited financial results for the quarter that ended on June 2023 or Q1FY24. Key highlights for Q1 FY24 were, on a Quarterly Average Balance (QAB) CASA ratio stood at 44%, up 151 bps YOY and 31 bps QOQ, while SA was up 20% YOY & 10% QOQ and CA up 17% YOY. Gross NPA at 1.96% declined by 80 bps YOY & 6 bps QOQ, and Net NPA at 0.41% declined by 23 bps YOY. 

Talking about the financials for Q1FY24 on a consolidated basis in comparison to the same quarter last year, the bank’s net profit for the first quarter which ended on June 30, 2023, increased by 38.95% to Rs 6098.95 crore from Rs 4389.22 crore. In Q1FY24, the bank’s total interest earned increased by 36.74% from Rs 19193.33 crore to Rs 26245.74 crore in a similar quarter the year prior. In Q1FY24, the bank’s total net revenue increased by 41.03% from Rs 22615.88 crore to Rs 31894.20 crore in a similar quarter the year prior.     

Sequentially the bank’s net profit for the quarter which ended on June 30, 2023, increased by 213.55% from a net loss of Rs 5371.18 crore. In Q1FY24, the bank’s total net revenue increased by 5.87% from Rs 30125.55 crore in the similar quarter the year prior.   

Talking about loans, rural loans grew 22% YOY & 1% QOQ, Small Business Banking loans grew 46% YOY & 8% QOQ and Mid-Corporate (MC) book grew 38% YOY. On the payments and digital side, the bank issued 1.11 million new credit cards in Q1FY24. The Bank has been one of the highest credit card issuers in the country over the last six quarters and has gained an incremental CIF market share of 14% in the last six months. 

In the last trading session, the scrip closed at Rs 976.85. Today it opened at Rs 985 and currently, it is trading at Rs 966.25 down by 1.09%. It has a 52-week high of Rs 989.90, today it hit an intraday high of Rs 989.20 and just missed beating its 52-week high which was last hit on June 30, 2023. It has a 52-week low of Rs 703.60. The bank has a market cap of around Rs 2,95,690 crore. 

Over the past one year, it has given a return of 33.63%.   

Axis Bank is the third largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. 

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