Axis Bank, one of India’s leading private sector lenders, has made a remarkable turnaround in its financial performance for the fourth quarter ended March 31, 2024. The bank reported a staggering net profit of Rs 7,129 crore, marking a significant shift from the net loss of Rs 5,728 crore reported in the same quarter of the previous fiscal year.
Total income for the quarter surged to Rs 35,990 crore, up from Rs 28,758 crore in the corresponding period last year, reflecting robust growth and improved financial health. Notably, the bank’s Net Interest Income (NII) witnessed a solid 11% Year-on-Year (YoY) increase, reaching Rs 13,089 crore.
For the entire fiscal year 2023-24, Axis Bank recorded a remarkable 160% jump in net profit, amounting to Rs 24,861 crore. These impressive figures underscore the bank’s successful execution of its strategic initiatives and its ability to navigate challenging economic conditions effectively.
It’s worth mentioning that the financials for the March quarter of the previous fiscal year and the full fiscal year include the impact of exceptional items related to the Citibank business acquisition, as stated by Axis Bank.
With a balance sheet growth of 12% YoY, reaching Rs 14,77,209 crore as of March 31, 2024, Axis Bank has demonstrated strong fundamentals and resilience amidst market fluctuations.
The bank’s performance in the credit card segment has been particularly noteworthy. In the March quarter of FY24, Axis Bank issued 1.24 million new credit cards, maintaining its position as one of the highest credit card issuers in the country for the past nine quarters. This underscores its commitment to expanding its customer base and enhancing its product offerings.
In line with its robust financial performance, the board of Axis Bank has recommended a dividend of Re 1 per equity share of the face value of Rs 2 per equity share for FY24, rewarding its shareholders for their continued support and confidence in the bank.
On the stock market front, shares of Axis Bank settled at Rs 1,063.70 apiece, registering a modest increase of 0.69% over the previous close on the Bombay Stock Exchange (BSE). This positive market response reflects investors’ confidence in the bank’s growth trajectory and future prospects.
In conclusion, Axis Bank’s stellar Q4 results underscore its resilience, strategic focus, and commitment to delivering value to its stakeholders. With solid financial metrics, strong growth momentum, and a customer-centric approach, the bank is well-positioned to capitalize on opportunities and navigate challenges in the dynamic banking landscape.
