Axis Bank Q2 2023 results: Bank reports profits of over Rs 5500 crore

Private sector Axis Bank has presented its September quarter (Q2 2023) results on Wednesday (October 25, 2023). The bank’s profits have seen an increase of 10 percent on an annual basis. Due to this, the profit of the bank has increased to Rs 5,863.56 crore which was Rs 5,330 crore in the same period last year. Net Interest Income (NII) has increased by 18.87 percent and has reached Rs 12,315 crore.

There has also been a huge jump in the operating profit of Axis Bank in the September quarter and it has increased by 12 percent on annual basis to Rs 8,632 crore. The bank’s capital adequacy ratio between July and September stood at 93.9 percent, which is the highest in 20 quarters. At the same time, the net interest margin stood at 4.11 percent which was 3.96 percent in the same period last year. At the same time, in the results of June quarter it was at 4.1 percent.

Rise in FD deposits

Bank deposits have seen a growth of 18 percent on an annual basis. Deposits in savings account have increased by 16 percent, deposits in current account by 7 percent and deposits in FD by 22 percent on annual basis.

As of September 30, the bank’s advances increased by 23 percent year-on-year to Rs 8.97 lakh crore. Household net credit up 26 percent year-on-year and retail loans witnessed a growth of 23 per cent year-on-year.

Reduction in NPA

There has also been a decrease in the NPM of the bank. Gross NPA has fallen by 0.23 percent to 1.73 percent. At the same time, net NPA has remained at 0.36 percent.