IANS | 24 Apr, 2024
Axis Bank on Wednesday reported a net profit of Rs 7,130 crore for
the January-March quarter of 2023-24 compared to a loss of Rs 5,762
crore in the same quarter last year after it acquired Citi Bank's
consumer business in India.
The bank’s net interest income (NII),
the difference between the interest income it earned from lending
activities and the interest paid to depositors, came in at Rs 13,089
crore, up 11.47 per cent from the previous year's Rs 11,742 crore.
The
bank's asset quality improved with gross non-performing assets (NPA)
coming down to 1.43 per cent of total loans, from 2.02 per cent in the
year-ago period. Net NPAs were at 0.31 per cent compared to 0.39 per
cent a year ago.
Recoveries from written off accounts for the quarter stood at Rs 919 crore.
The banks share price rose 0.72 per cent to Rs 1064.05 on Wednesday.