The Business Bytes
New Delhi, July 24, 2024 (TBB Bureau): Axis Bank, a leading private sector lender, reported a 4% increase in net profit for the quarter ending June 2024, reaching Rs 6,035 crore, driven primarily by higher interest income. In the corresponding quarter of the previous fiscal year (April-June 2023-24), the bank had recorded a standalone net profit of Rs 5,797 crore.
According to the bank’s regulatory filing, interest income for the first quarter rose to Rs 30,060.73 crore, compared to Rs 25,556.77 crore in the same period last year. Total income for the quarter also saw an increase, amounting to Rs 35,844.22 crore, up from Rs 30,644 crore a year earlier.
The bank’s asset quality improved as well, with its gross Non-Performing Assets (NPA) ratio declining to 1.54% in the June 2024 quarter from 1.96% in the first quarter of the previous fiscal year. Similarly, the net NPA ratio improved to 0.34%, down from 0.41% in June 2023.
