December 11, 2024 23:11 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Donald Trump vows to eliminate birthright citizenship after taking charge | No alliance with Congress in Delhi polls: AAP chief Arvind Kejriwal | Bengaluru techie's suicide: Atul Subhash's wife and her family booked | Bengaluru techie's suicide: Atul Subhash's wife and her family booked | INDIA bloc to knock on Supreme Court's doors over alleged EVM manipulation during Maharashtra polls | 'Babri Masjid should be rebuilt in Bengal's Murshidabad': TMC MLA Humayun Kabir sparks row | Rajnath Singh calls on Russian Prez Vladimir Putin in Moscow, discusses bilateral defence cooperation | Police to investigate conspiracy angle in Mumbai bus accident that killed 7 | Mamata Banerjee should lead INDIA bloc: Lalu Prasad Yadav | Opposition moves no-confidence motion against VP Jagdeep Dhankar in RS
Q2FY24

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

| @indiablooms | Oct 26, 2023, at 05:16 am

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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.