Axis Bank posted a net profit of ₹6,035 crore for the first quarter of fiscal year 2025, compared with ₹3,452 crore in the corresponding period last year. On top of that, this income statement had been standing higher compared to the expectations of eight brokerages, which estimated a net profit of ₹5,797 crore. Sequentially, though, the bank’s profit fell 15 per cent from ₹7,130 crore in the last quarter.
Notwithstanding the profit growth, Axis Bank reported a slight deterioration of its asset quality. Gross non-performing assets rose 11 bps to 1.54 percent and net NPAs increased by 3 bps to 0.34 percent. On a year-over-year basis, the bank’s GNPA and NNPA improved by 42 bps and 7 bps, respectively.
Its NII for Q1 rose to ₹ 13,448 crore from ₹ 11,959 crore a year ago, against brokerage estimates of ₹ 13,361 crore. Bottom line: Net interest margin was down a tad from a year ago figure of 4.10% at 4.05%.
The last quarter was important from the standpoint of getting all the teams together for the last leg of Citi integration. I am ecstatic that the integration is done, and it was largely seamless given the size and scale of the transition,” says Amitabh Chaudhry, MD & CEO of Axis Bank. Net profit rose by 13% over the previous year, total deposits by 13% year on year, current account deposits by 12%, and total term deposits by 20%. The CASA in total deposits was at 42%.
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Source: Moneycontrol
News Desk
