Axis Bank Announces Q1 FY2024-25 Financial Results

Mumbai, July 24, 2024 – Axis Bank Limited has reported its unaudited financial results for the first quarter ended June 30, 2024. The Board of Directors approved these results during a meeting held today, reflecting a strong performance across various metrics.

Key Financial Highlights (Standalone)

• Total Income: The bank reported a total income of ₹35,844.22 crore, showing a steady performance compared to ₹35,990.33 crore in the previous quarter and ₹30,644.04 crore in the same quarter last year.
• Net Profit: The net profit for the quarter stood at ₹6,034.64 crore, slightly down from ₹7,129.67 crore in the previous quarter but up from ₹5,797.10 crore in the same quarter last year.
• Interest Earned: The interest earned amounted to ₹30,060.73 crore, compared to ₹29,224.54 crore in the previous quarter and ₹25,556.77 crore in Q1 FY2023-24.
• Other Income: Other income for the quarter was ₹5,783.49 crore, a decrease from ₹6,765.79 crore in the previous quarter but an increase from ₹5,087.27 crore in Q1 FY2023-24.
• Operating Profit: The operating profit before provisions and contingencies was ₹10,106.24 crore, compared to ₹10,535.70 crore in the previous quarter and ₹8,814.36 crore in Q1 FY2023-24.
• Provisions and Contingencies: The bank made provisions and contingencies amounting to ₹2,039.28 crore, higher than ₹1,185.31 crore in the previous quarter and ₹1,034.88 crore in Q1 FY2023-24.

Consolidated Financial Highlights

• Total Income: The consolidated total income was ₹37,795.88 crore, maintaining stability compared to ₹37,836.10 crore in the previous quarter and an increase from ₹31,894.20 crore in Q1 FY2023-24.
• Net Profit: The consolidated net profit stood at ₹6,436.43 crore, down from ₹7,599.04 crore in the previous quarter but up from ₹6,091.35 crore in Q1 FY2023-24.
• Advances: Advances grew to ₹10,17,663.30 crore, reflecting a robust lending portfolio.
• Deposits: Deposits remained strong at ₹10,60,842.05 crore, showcasing the bank’s solid deposit base.

Strategic Initiatives and Developments

1. Equity Infusion: During the quarter, Axis Bank infused ₹250 crore into Axis Securities Limited and ₹40 crore into Freecharge Business and Technology Services Limited, both wholly-owned subsidiaries.
2. Adoption of Revised Framework: The bank adopted the revised RBI Master Direction on Classification, Valuation, and Operation of Investment Portfolio, resulting in significant adjustments in the investment reserve and general reserve.
3. Loan Acquisitions and Transfers: Axis Bank acquired corporate loans worth ₹23.71 crore and transferred loans worth ₹71,428.21 crore, reflecting its dynamic loan management strategy.
4. Capital Adequacy: The Capital Adequacy Ratio (CAR) under Basel III stood at 16.65%, ensuring a strong capital base.

Future Outlook

The bank remains committed to its growth trajectory with a focus on digital banking, retail expansion, and enhancing shareholder value. The board has approved several strategic moves, including further investments and strengthening its subsidiary operations.

Meeting Details

The board meeting commenced at 11:30 AM and concluded at 3:25 PM IST. The financial results, along with the limited review report by M/s. M. P. Chitale & Co. and M/s. C N K & Associates LLP, are available on the bank’s official website www.axisbank.com.