Axis Bank Q3 Results FY2024, Net profit at Rs.6071 crores

On 23rd January, Axis Bank announced its quarterly results.

Key Highlights:

- The Bank’s Net Interest Income (NII) grew 9% YoY and 2% QoQ to Rs.12,532 crores. Net interest margin (NIM) for Q3FY24 stood at 4.01%.
- The Bank’s operating profit for the quarter stood at Rs.9,141 crores, grew 6% QoQ.
- Core Operating profit for Q3FY24 stood at Rs.8,850 crores. 
- Net profit at Rs.6,071 crores in Q3FY24 grew by 4% YoY.

 
Business Highlights:   

-The Bank’s balance sheet grew 14% YoY and stood at Rs.13,98,541 crores as of 31st December 2023.
- The total deposits grew 18% YoY and 5% QoQ on the period-end basis, of which savings account deposits grew 16% YoY, current account deposits grew 5% YoY and 1% QoQ; total term deposits grew 24% YoY and 9% QoQ of which retail term deposits grew 17% YoY and 2% QoQ.
- The Bank’s advances grew 22% YoY and 4% QoQ to Rs.9,32,286 crores on 31st December 2023. Total Bank advances grew 23% YoY and 4% QoQ. Domestic net loans grew 25% YoY and 4% QoQ. Retail loans grew 27% YoY and 5% QoQ to `5,46,999 crores and accounted for 59% of the net advances of the Bank 
- Home loans grew 10% YoY, Personal loans grew 28% YoY, Credit card advances grew 92% YoY, Small Business Banking (SBB) grew 40% YoY and 6% QoQ, and the rural loan portfolio grew 34% YoY and 7% QoQ.
- SME book remains well diversified across geographies and sectors, grew 26% YoY and 4% QoQ to Rs.1,00,043 crores
- Corporate loan book grew 15% YoY and 3% QoQ; domestic corporate book grew 20% YoY. Mid-corporate book grew 30% YoY and 6% QoQ.
- With assets under management (AUM) of Rs.5,05,407 crores as of December 31, 2023, the Bank's wealth management division is among the largest in India, growing by 78% YoY and 12% QoQ. Burgundy Private, the bank's offering for high and ultra-high-net-worth clientele, has 10,389 households. Burgundy Private's AUM rose 6% QoQ and 79% YoY to Rs.1,76,965 crores.
- As of 31st December 2023 the Bank’s reported Gross NPA and Net NPA levels were 1.58% and 0.36% respectively as against 1.73% and 0.36% as on 30th September 2023.
- Gross slippages during the quarter were Rs.3,715 crores, compared to Rs.3,254 crores in Q2FY24 and Rs.3,807 crores in Q3FY23. 
- The Bank added 100 branches during the quarter and 350 overall in the 9MFY24 period, taking its overall distribution network to 5,252 domestic branches and extension counters situated across 2,910 centers compared to 4,849 domestic branches and extension counters situated in 2,734 centers as of 31st December 2022. As of 31st December 2023, the Bank had 15,931 ATMs and cash recyclers spread across the country. The Bank’s Axis Virtual Centre is present across six centers with over 1,500 Virtual Relationship Managers as of 31st December 2023. 

Commenting on the results, Amitabh Chaudhry, MD&CEO, Axis Bank said, “The conversations on India are buoyant and it’s being looked upon as an important investment destination, evident in discussions at global platforms like the World Economic Forum. The Indian economic momentum has been strong in FY24, and we believe the trend will continue well into FY25. At Axis Bank, our focus has been on sustainable and inclusive growth, with customers taking centerstage in every discussion. This quarter we celebrated ‘Sparsh Week’, a week-long agenda focused on educative customer-centric activities, with 15 events covering 5000+ branches and retail asset centers, reaching out to 95000+ employees.”