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Tanushree Jaiswal
23/04/2024
Commodities
Axis Bank Q4 FY2024 Result: Revenue up 20.11%, net profit improves by 225%, PAT margin at 35.91%
Tanushree Jaiswal
25th April 2024 - 12:58 pm
Key Highlights
- Axis Bank reported a 20.11% increase in its revenue on a YOY basis reaching ₹ 9,855 cr in Q4 FY2024 from ₹16,530 in Q4 FY2023.
- Net profit marked at ₹7130 cr for Q4 FY2024 against a loss of ₹5728 cr in Q4 FY 2023, an improvement of almost 225%.
- PAT margin for Q4 FY2024 was 35.91%.
Business Highlights
- Axis Bank’s net interest income for FY2024 was ₹ 49,894 cr, down by 16% on a YOY basis from ₹42,946 cr in Q4 FY2023.
- Net profit for FY 2024 was ₹24,861 cr against ₹9,580 cr in FY 2023, up by 160%.
- Advances were up by 15%.
- The company declared an ₹1 dividend per equity share for FY2024.
- The company’s Small Business Banking loans witnessed a YOY growth of 33%. grew 33% YOY
- Retail loans and SME loans grew by 20% and 17% on a YOY basis.
- For Q4 FY2024, Axis Bank issued 1.24 million credit cards.
- The wealth management business segment had an AUM of ₹ 5,36,609 crores, a 50% YOY growth at the end of March 2024.
Commenting on the results, Amitabh Chaudhry, MD&CEO, Axis Bank, said, "In FY24, Axis Bank charted a course of steady progress. While we relentlessly focused on our key priority areas - Bharat Banking, Digital and Sparsh (our customer obsession program), I believe we were also nimble in picking up some enticing new opportunities that came our way. Our Citi integration is on track, and we are inching towards the final milestone LD2 in the next six months. In keeping with our credo "Dil Se Open" and with DE&I as one of our core pillars, we have made progress in cultivating a diverse and inclusive workforce in a nurturing ecosystem.”
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