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Axis Bank reports Rs 5,864 cr Q2FY24 net profit, up 10% YoY; NII grows 19% Q2FY24

Axis Bank reports Rs 5,864 cr Q2FY24 net profit, up 10% YoY; NII grows 19%

India Blooms News Service | @indiablooms | 25 Oct 2023, 11:46 pm

Mumbai: Private sector lender Axis Bank on Wednesday reported a net profit of Rs 5,864 crore for the July-September FY24 quarter, a 10 percent increase from Rs 5,330 crore recorded a year ago.

The net interest income (NII) was reported at Rs 12,315 crore, marking a 19 percent YoY growth.

The net interest margin (NIM) for Q2FY24 was 4.11 percent, reflecting a 15 bps YoY increase.

Provision and contingencies for the bank amounted to Rs 815 crore, with specific loan loss provisions for July-September FY24 at Rs 1,010 crore.

The bank's gross non-performing asset (NPA) lowered to 1.73 percent, down from 2.5 percent in the same quarter last year.

Meanwhile, net NPA for the quarter stood at 0.36 percent, an improvement from 0.51 percent YoY. Recoveries from written-off accounts for the quarter amounted to Rs 664 crore.

The bank's advances saw a notable 23 percent year-on-year growth, reaching Rs 8.97 lakh crore.

Deposits for the lender also witnessed a substantial increase, standing at Rs 9.55 lakh crore compared to Rs 8.11 lakh crore in the same quarter last year.

The bank's domestic net loans grew by 26 percent year-on-year, while retail loans experienced a 23 percent surge, amounting to Rs 5.19 lakh crore.

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