Axis Bank Q2 Results: Net profit rises 10% on year to ₹5,863.6 crore, NII up 18.9%
Axis Bank Q2 Results: Axis Bank Ltd on Wednesday reported a net profit of ₹5,863 crore in the second quarter of FY24 registering a 10% growth from ₹5,329.8 crore in the corresponding quarter of last year. Axis Bank share price ended 0.84% down, at ₹955.35 apiece on BSE. Net interest income (NII), which is the difference between interest earned and interest expended, during Q2FY24 rose 18.9% to ₹12,314.56 crore from ₹10,360.26 crore, year-on-year (YoY).
Net interest margin (NIM) for Q2FY24 was 4.11%, up 1 basis point QOQ and 15 basis points YOY, according Axis Bank's filing exchange. For Q2FY24, core operating profit increased by 5% QOQ and 12% YoY to ₹8,733 crores. Axis Bank's asset quality improved sequentially.
For the quarter ended September, gross non-performing assets (NPA) stood at ₹16,756.7 crore from ₹18,158.2 crore, down 7.7% in Q1FY24. Net NPA, came in at ₹3,441.3 crore, down 7.1% sequentially. As of September 30, 2023, gross NPA was 1.73% down by 23 basis points from 1.96% in Q1FY24.
Similarly, Net NPA came in at 0.36%, down by 5 basis points QoQ. According to the exchange filing, Q2FY24 gross slippage ratio (annualised) at 1.49% declined 39 basis points YOY, net slippage ratio (annualized) at 0.59%. “In spite of a highly volatile global geopolitical landscape, we believe the India story remains strong.
With the upcoming festivities, we are already seeing a surge in demand, which augurs well for business. At Axis Bank, our GPS agenda is on track and we are looking at steady growth for all major business verticals of the Bank. We have been diligently working on both physical reach and digital prowess, extending our services not just to the metros and urban centres, but to the heart of Bharat which is home to
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