Axis Bank Shares Zoomed Over 4% After Releasing FY2024 Results

Axis Bank Limited, one of the leading commercial banks in India, recently released its financial and operational results for the quarter and year ended March 31, 2024.

Quarterly Performance

During Q4 FY2024, the bank recorded a 15% YoY growth in operating profit to ₹10,536 crore. In addition, net profit stood at ₹7,130 crore, compared to a net loss of ₹5,728 crore in Q4 FY23. Net Interest Income (NII) rose 11% YoY and 4% QoQ to ₹13,089 crore. Net interest margin (NIM) for the quarter stood at 4.06% and grew 5 bps QoQ.

Yearly Performance

Net Interest Income for the year ended March 31, 2024, rose 16% on a YoY basis to ₹49,894 crore from ₹42,946 crore. Operating profit for the year increased by 16% to ₹37,123 crore from ₹32,048 crore in FY23. Net Profit for FY24 witnessed a growth of 160% to ₹24,861 crore from ₹9,580 crore in FY23.

As of March 31, 2024, the Bank’s balance sheet had grown by 12% YoY to ₹14,77,209 crore. On a period-end basis, total deposits increased by 13% YoY and 6% QoQ. Savings account deposits increased by 2% YoY and 4% QoQ, while current account deposits increased by 5% YoY and 18% QoQ.

Total term deposits increased by 22% YoY and 5% QoQ, of which retail term deposits increased by 17% YoY and 5% QoQ. 43% of all deposits were made up of CASA deposits. Total deposits increased by 16% YoY and 5% QoQ on a QAB basis; savings account deposits increased by 10% YoY, while current account deposits increased by 4% YoY and 7% QoQ.

Axis Bank inaugurated its milestone 5,000th branch at Ahmedabad. In Karnataka, the bank strengthened its presence with 21 new branches. A record more than 100 new branches were inaugurated in Uttar Pradesh, including an all-women-managed branch in Moradabad.

“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. In keeping with our credo “Dil Se Open” and with DE&I as one of our core pillars, we have made progress in cultivating a diverse and inclusive workforce in a nurturing ecosystem,” said Amitabh Chaudhry, MD&CEO, Axis Bank.

On April 25, 2024, Axis Bank shares opened at ₹1,098.30 and touched the day high of ₹1,120.00 at 12:16 PM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.