Axis Bank Q4 Profit Surges to Rs 7,129 cr, Credit Card Issuance Up

Mumbai, Apr 24 (PTI) Private sector lender Axis Bank on Wednesday reported a net profit of Rs 7,129.67 crore for the fourth quarter ended March 31, 2024, as against a loss of Rs 5,728.42 crore in the year-ago period.

Total income rose to Rs 35,990 crore in the March quarter of 2023-24 fiscal, from Rs 28,758 crore a year ago.

The bank's Net Interest Income (NII) grew 11 per cent Year-on-Year (YoY) to Rs 13,089 crore.

For 2023-24 fiscal, the net profit jumped 160 per cent to Rs 24,861 crore.

The numbers for the March quarter of 2022-23 fiscal and the full fiscal include the impact of exceptional items relating to the Citibank business acquisition, Axis Bank said.

Axis Bank's gross non-performing asset (NPA) stood at 1.43 per cent, down from 2.02 per cent in the March quarter of 2022-23 fiscal.

The bank's balance sheet grew 12 per cent YoY to Rs 14,77,209 crore as on March 31, 2024.

As many as 1.24 million new credit cards were issued in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing.

The bank's board has recommended a dividend of Re 1 per equity share of the face value of Rs 2 per equity share for FY24.

The bank added 125 branches during the quarter and 475 branches during the FY24 period, taking its overall distribution network to 5,377 domestic branches.

Axis Bank Managing Director and Chief Executive Officer Amitabh Chaudhry said the bank's integration with Citi is on track.

"We are inching towards the final milestone...in the next six months," he said.

Last year, Axis Bank acquired Citibank's India Consumer Business from Citibank N.A. and the NBFC Consumer Business from Citicorp Finance (India) Ltd.

Shares of Axis Bank settled at Rs 1,063.70 apiece, up 0.69 per cent over the previous close on the BSE.