Axis Bank declared that solid financial performance was issued in January-March quarter of fiscal 2023-24, significantly reversing the corresponding quarter performance of the previous year. After acquiring Citibank's consumer business in India, the bank posted a significant net profit of Rs 7,130 crore, a salubrious reversal from the loss that was posted in the previous year of Rs 5,762 crore.
Some of the major highlights of the quarter include the bank's net interest income. It did witness a healthy growth of 11.47 percent, amounting to Rs 13,089 crore, in comparison to Rs 11,742 crore of the corresponding period of the previous year. This shows the bank has effectively managed its lending activities and deposit interest payments.
Another point to note is an improvement in the asset quality of the bank. This was reflected by a drop in the gross non-performing assets of the bank from 1.43 percent to 2.02 percent of total loans.
Net NPAs also fell from 0.39 per cent to 0.31 per cent and showed improvement in the loan portfolio of the bank. The recoveries of dues from the written-off accounts also witnessed a positive trend, amounting to Rs 919 crore for the quarter under review.
The market reacted positively on the strong performance of Axis Bank. Its shares clocked up by 0.72 percent to close at Rs 1064.05 on Wednesday. This shows that market sentiment regarding the growth path of the bank and its ability to handle the jittery conditions effectively is positive.
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