Axis Bank Reports 4% Increase in Q1 Net Profit Due to Higher Interest Income

Axis Bank announced a 4% rise in net profit for the June 2024 quarter, reaching Rs 6,035 crore. This increase is largely driven by higher interest income, which surged to Rs 30,060.73 crore. The bank also reported improvements in its gross and net non-performing assets.

Axis Bank, a major player in the private banking sector, reported a 4% increase in net profit, amounting to Rs 6,035 crore for the June 2024 quarter. This improvement was primarily attributed to a rise in interest income, which soared to Rs 30,060.73 crore compared to the same period last year.

For the April-June 2023-24 quarter, the bank's standalone net profit stood at Rs 5,797 crore. In its regulatory filing, Axis Bank disclosed that its total income had climbed to Rs 35,844.22 crore during the reported quarter, up from Rs 30,644 crore in the year-ago quarter.

The bank also noted significant improvements in its asset quality, with the gross non-performing assets (NPA) ratio improving to 1.54% in the June 2024 quarter from 1.96% in Q1FY24. Similarly, the net NPA ratio improved to 0.34% from 0.41% in June 2023.

(With inputs from agencies.)