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Axis Bank Q4 Results: Net income at ₹7,130 crore, NII rises eleven.5% YoY, dividend declared; 5 key highlights

Axis Bank Q4 Results: Axis Bank announced its January-March quarter effects for financial 2023-24 (Q4FY24) on Wednesday, April 24, reporting a internet income of ₹7,130 crore, as compared to a loss of ₹five,728.Four crore in the corresponding duration final year. The personal region lender’s internet interest profits (NII)-the distinction among interest earned and paid-rose 11.5 consistent with cent year-on-yr (YoY) to ₹thirteen,089 crore, compared to ₹eleven,742 crore in the yr-ago period. shippmore

 

“In FY24, Axis Bank charted a direction of constant development. While we relentlessly centered on our key precedence areas – Bharat Banking, Digital and Sparsh, I accept as true with we have been additionally nimble in selecting up a few enticing new opportunities that got here our manner. Our Citi integration is on the right track, and we’re inching closer to the final milestone in the subsequent six months,” said Amitabh Chaudhry, MD & CEO, Axis Bank. growingbaker

 

Here are five key highlights of Axis Bank Q4 scorecard:

1.P&L Account: Net profit, operating income

Axis Bank’s running earnings for the sector stood at ₹10,536 crore, growing 15 according to cent YoY. The middle running earnings for the March quarter came in at ₹9,515 crore, rising 5 consistent with cent YoY. The internet profit stood at ₹7,130 crore in Q4FY24, as compared to net lack of ₹5,728 crore in Q4FY23, and grew 17 in step with cent quarter-on-area (QoQ). The financial institution’s internet hobby margin (NIM) for Q4FY24 stood at four.06 in keeping with cent and grew five bps QoQ. restfultrip

 

2.Dividend

The personal region lender’s board encouraged a dividend of Re 1 per equity percentage for FY24. ‘’The Board of Directors has endorsed dividend of Re 1 per fairness share of face value of ₹2 consistent with equity percentage for the 12 months ended thirty first March 2024. This might be difficulty to approval by means of the shareholders at the subsequent annual standard assembly,” said Axis Bank in its regulatory submitting to the stock exchanges. budgetsbyte

 

 

3.Asset Quality

As of March 31, 2024, Axis Bank’s suggested gross non acting assets (NPA) and net NPA degrees had been 1.43 in keeping with cent and zero.31 in line with cent respectively as against 1.58 according to cent and zero.36 in line with cent as on December 31, 2023. Recoveries from written off accounts for the zone become ₹919 crore. dreamingcare

 

Reported internet slippages within the quarter adjusted for recoveries from written off pool became ₹398 crore. Gross slippages at some stage in the zone were ₹three,471 crore, as compared to ₹three,715 crore in Q3FY24 and ₹three,375 crore inside the year-in the past period. Recoveries and upgrades from NPAs for the duration of the quarter have been ₹2,a hundred and fifty five crore. The financial institution in the region wrote off NPAs aggregating ₹2,082 crore. travelsbea

 

4. Provisions and contingencies

As on March 31, 2024, the bank’s provision coverage, as a proportion of Gross NPAs stood at seventy nine consistent with cent, compared to 81 in keeping with cent in the year-ago length. Provision and contingencies for Q4FY24 stood at ₹1,185 crore. Specific loan loss provisions for Q4FY24 stood at ₹832 crores. The bank has not utilized Covid provisions at some stage in the sector and these are reclassified to different provisions. The financial institution holds cumulative provisions (wellknown + additional apart from NPA) of ₹12,134 crore on the give up of Q4FY24. indiacelebsbuzz

 

5.Other earnings

Other earnings fee earnings for Q4FY24 grew 23 according to cent YoY and 9 in step with cent QoQ to ₹five,637 crore. Retail fees grew 33 according to cent YOY and 12 in step with cent QoQ; and constituted seventy four per cent of the bank’s total price profits. Retail playing cards and bills fee grew 39 in keeping with cent YoY and four consistent with cent QoQ. Retail Assets (with the exception of playing cards and payments) price grew 20 consistent with cent YoY. Fees from 0.33 birthday celebration products grew fifty nine in keeping with cent YoY and forty four consistent with cent QoQ. The company and industrial banking costs together grew two in step with cent YoY to ₹1,478 crore. wedslearn

 

Other key bulletins

Axis Bank’s stability sheet grew 12 consistent with cent YoY and stood at ₹14,77,209 crore as on March 31, 2024. The total deposits grew 13 in step with cent YoY and 6 in line with cent QoQ on length cease foundation, of which financial savings account deposits grew  according to cent YoY and four according to cent QoQ, cutting-edge account deposits grew five in keeping with cent YoY and 18 per cent QoQ. literaryinfos

 

The general time period deposits grew 22 according to cent YoY and 5 in line with cent QoQ of which retail time period deposits grew 17 consistent with cent YoY and 5 per cent QoQ. The percentage of CASA deposits in overall deposits stood at 43 consistent with cent. The bank’s advances grew 14 according to cent YoY and four consistent with cent QoQ to ₹nine,sixty five,068 crore as on March 31, 2024. flavorsfeast

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