Axis Bank Posts 4 Per Cent Rise In Q1 Net Profit At Rs 6,035 Crore
Date
7/24/2024 8:45:16 AM
(MENAFN- IANS) New Delhi, July 24 (IANS) Axis bank on Wednesday reported a net profit of Rs 6,035 crore for the April-June quarter of 2024-25, up 4 per cent from the corresponding figure of Rs 5,797.1 crore in the same period of 2023-24.
The bank's net interest income (NII) for the April-June quarter reached Rs 13,448 crore, compared to Rs 11,959 crore a year earlier.
Net interest margin (NIM) for Q1FY25 stood at 4.05 per cent versus 4.10 per cent last year.
The bank's asset quality showed a slight deterioration as the gross non-performing assets (NPA) ratio increased to 1.54 per cent of total loans from 1.43 per cent on a quarter-on-quarter basis, while the net NPA ratio rose to 0.34 per cent from 0.31 per cent.
In absolute terms, gross NPAs stood at Rs 16,211 crore compared to Rs 15,127.1 crore, and net NPAs were Rs 3,553 crore versus Rs 3,247.5 crore in the previous quarter. Provisions for the quarter went up to Rs 2,039 crore from 1,035 crore in the same period last year.
Shares of the lender closed for trading at Rs 1,239.75 a piece, 1.83 per cent down on the BSE.
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