Axis Bank posts net profit of ₹7,129 cr in March quarter

Private sector lender Axis Bank on Wednesday reported a net profit of Rs 7,129 crore for the fourth quarter ended March 31, 2024. The bank had reported a net loss of Rs 5,728 crore in the March quarter of 2022-23 fiscal.

Total income rose to Rs 35,990 crore in the March quarter of 2023-24 fiscal, from Rs 28,758 crore in the year-ago period.

The bank's Net Interest Income (NII) grew 11 per cent Year-on-Year (YoY) to Rs 13,089 crore.

For 2023-24 fiscal, the net profit jumped 160 per cent to Rs 24,861 crore.

The numbers for the March quarter of 2022-23 fiscal and the full fiscal include the impact of exceptional items relating to the Citibank business acquisition, Axis Bank said.

Its balance sheet grew 12 per cent YoY to Rs 14,77,209 crore as on March 31, 2024.

The bank issued 1.24 million new credit cards in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing.

The bank's board has recommended a dividend of Re 1 per equity share of the face value of Rs 2 per equity share for FY24.

Shares of Axis Bank settled at Rs 1,063.70 apiece, up 0.69 per cent over the previous close on the BSE.

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