Axis Bank Q2FY24 result: Net profit up 10% at Rs 5,864 crore, NII up 19%

Axis Bank's gross non-performing assets (NPAs) stood at 1.73% as compared to 1.96% in the previous quarter

Private lender Axis Bank on Wednesday reported a 10.01 per cent rise in its standalone net profit of Rs 5,863.56 crore in the quarter that ended on September 30, as compared to Rs 5,329.77 crore in the same quarter last year. The standalone numbers do not include the business of the bank's subsidiaries.

According to a regulatory filing, the bank's gross non-performing assets (NPAs) stood at 1.73 per cent as compared to 1.96 per cent in the previous quarter. In the same quarter in 2022, the gross NPAs were 2.5 per cent. 

The bank's net NPAs fell to 0.36 per cent in the July-September quarter from 0.41 per cent in the previous quarter. In the same quarter in 2022, the net NPAs were 0.51 per cent.  

The bank's net interest income grew 19 per cent year-on-year (YoY) and 3 per cent quarter-on-quarter (QoQ)to Rs 12,315 crore. Its net interest margin stood at 4.11 per cent, up 15 basis points (bps) YoY and 1 bps QoQ. 

In the first half of FY24, the bank's net interest income grew 23 per cent YoY to Rs 24,273 crore from Rs 19,744 crore. 

"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 the vast majority of India's population," said Amitabh Chaudhary, managing director and chief executive officer of Axis Bank. 

The bank's shares closed 0.84 per cent in the red at Rs 955.35 apiece on Wednesday.