Axis Bank Q1FY25: Core Profit Hits Rs.9,637 Crore, NIM at 4.05percentage

Axis Bank, one of the largest private sector banks in India, announced its Q1FY25 results today. The Bank’s core operating profit for the quarter grew 16% YOY to Rs. 9,637 crores. The Bank has reported a net profit of Rs. 6,035 crores, as compared to Rs. 5,797 crores in Q1FY24 reporting a growth of 4% YOY. The Bank’s Net Interest Income (NII) grew 12% YOY and 3% QOQ to Rs. 13,448 crores in Q1FY25 from Rs. 11,959 crores in Q1FY24. Its Net Interest Margin (NIM) for Q1FY25 stood at 4.05%. CASA deposit grew up 4% YOY, whereas CASA ratio stood at 42%. The Bank’s operating revenue grew 13% YOY from Rs. 17,046 crores in Q1FY24 to Rs. 19,232 crores in Q1FY25. As of 30th June 2024, the Bank reported Gross NPA and Net NPA levels at 1.54% and 0.34% respectively against 1.96% and 0.41% on 30th June 2023. The Bank’s Fee income for Q1FY25 grew 16% YOY to Rs. 5,204 crores. Retail fee grew 18% YOY & constituted 71% of the Bank’s total fee income. The overall capital adequacy ratio (CAR) stood at 16.65%, with a CET 1 ratio of 14.06%. The Bank’s wealth management business is among the largest in India, with assets under management (AUM) of Rs. 5,99,108 crores as of the end of 30th June 2024, which grew 40% YOY.

Burgundy Private, the Bank’s proposition for high and ultra-high-net-worth clients, covers 13,071 families. The AUM for Burgundy Private increased 31% YOY and 14% QOQ to Rs. 2,09,451 crores. The Bank’s subsidiaries delivered a steady performance with a Q1FY25 PAT of Rs. 436 crores, up 47% YOY. As on 30th June 2024, the Bank had a network of 5,427 domestic branches and extension counters along with 182 Business Correspondent Banking Correspondents (BCBO’s) situated across 2,987 centres compared to 4,945 domestic branches and extension counters and 156 BCBO’s situated across 2,754 centres as of 30th June 2023.

Amitabh Chaudhry, MD&CEO, Axis Bank said, “The last quarter was crucial in terms of getting all the teams to work together for the last leg of Citi integration. I am delighted that the integration is done and it was largely seamless given the size and scale of the transition. I am thankful to the teams who worked tirelessly in making this possible, and to our 2 million new customers for keeping their trust and faith in us.”