Axis Bank’s Q3 Booms: 4% Profit Spike to ₹6,071 Cr, Nears ₹6,114 Cr Aim; Shares Drop 3.48%

Axis Bank announced a 4% year-over-year rise in Q3 FY23-24 net profit, reaching ₹6,071 crore, slightly under the ₹6,114 crore forecast. Simultaneously, its shares fell 3.48%, closing at ₹1,082 on the BSE as of January 23.
Axis Bank Q3 Results, Solid 4% Profit Growth

Axis Bank, a prominent private bank in India, disclosed its financial performance for the third quarter (October–December) of the fiscal year 2023–24 on January 23. The bank achieved a net profit of ₹6,071 crore, marking a 4% year-over-year increase. This figure, however, was slightly below market expectations of ₹6,114 crore. On the same day, Axis Bank’s shares fell by 3.48%, closing at ₹1,082 each on the BSE.

In terms of net profit, there was a marginal rise from the previous quarter’s ₹5,863.56 crore, reflecting 3.5% sequential growth. The net interest income (NII), a crucial measure of a bank’s profitability, reached ₹12,532 crore, up by 9% and closely aligning with market predictions of ₹12,555 crore. NII represents the difference between interest income from loans and interest paid to depositors. The net interest margin (NIM) was also reported at 4.01%.

Axis Bank improved asset quality, with its gross non-performing assets (NPAs) reducing to 1.58% from 2.38% in the same quarter last year. The net NPA remained steady at 0.36% year-on-year. The bank recorded a significant 22% year-on-year growth in advances, totaling ₹9.32 lakh crore. Retail loans saw a 27% increase, with secured retail loans forming about 75% of this segment and home loans making up 30% of the retail portfolio.

The pre-provision operating profit (PPOP) saw a modest year-over-year increase of 1.4%, reaching ₹9,141 crores and a 6% growth compared to the previous quarter. PPOP is the income generated before setting aside funds for potential bad debts. Deposits grew by 18% year-over-year, with savings account deposits expanding by 16%.

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