Business EconomyPosted at: Oct 17 2024 6:57PM


Axis Bank net up 18 pc at Rs 6,918 crore in Q2

New Delhi, Oct 17 (UNI) Private lender Axis Bank on Thursday reported 18 percent jump in net profit y-o-y basis at Rs 6,918 crore during July-September or Q2 of the current financial year, the bank said in a statement.
Amitabh Chaudhry, MD & CEO, Axis Bank said, “This quarter we balanced digital prowess and advancement with physical expansion and proximity to our customers. We have opened 150 new branches in the last three months, both urban and rural. The Bank strengthened its regional presence by laying the foundation for a new Corporate Office in Kolkata, which will be the hub for all activities in the Eastern region.
“We also expanded our private banking business ‘Burgundy Private’ network to 15 new cities increasing its presence to 42 locations across India, offering bespoke wealth management services in India's rapidly evolving Tier 2 markets,” he added.
The Bank’s balance sheet grew 12% y-o-y basis and stood at Rs 15,05,658 crores as on 30th September 2024. The total deposits grew 14% y-o-y on month end basis, of which current account deposits grew 8% y-o-y and saving account deposits grew 2%; total term deposits grew 21%, the Bank added.
The Bank’s Net Interest Income (NII) grew 9% y-o-y basis to Rs 13,483 crores, the release said, adding the Net Interest Margin (NIM) for Q2FY25 stood at 3.99%.
Provision and contingencies for Q2FY25 stood at Rs 2,204 crores. Specific loan loss provisions for Q2FY25 stood at Rs 1,441 crores. In addition to specific loan loss provisions, in the quarter, the Bank made provisions aggregating to Rs 520 crores under the head provision for other contingencies, these are entirely prudent and not for current or future NPA assets and should not be construed in any manner as the Bank’s assessment of its expected asset quality.
The Bank holds cumulative provisions (standard + additional other than NPA) of Rs 11,815 crores at the end of Q2FY25. It is pertinent to note that this is over and above the NPA provisioning included in our PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.2% as on 30th September, 2024.
On an aggregated basis, our provision coverage ratio (including specific + standard + additional) stands at 153% of GNPA as on 30th September, 2024. Credit cost (annualized) for the quarter ended 30th September, 2024 stood at 0.54%, the Bank said in the release.
The book value of the Bank’s investments portfolio as on 30th September 2024, was Rs 3,48,855 crores, of which Rs 2,81,641 crores were in government securities, while Rs 54,580 crores were invested in corporate bonds and Rs 12,634 crores in other securities such as equities, mutual funds, etc., it added.
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