Axis Bank records a net profit for the January–March quarter of Rs 7,130 crore

Following the acquisition of Citi Bank’s Indian consumer business, Axis Bank said on Wednesday that it had made a net profit of Rs 7,130 crore for the January–March quarter of 2023–24, as opposed to a loss of Rs 5,762 crore in the same period the previous year.

Net interest income (NII) for the bank was Rs 13,089 crore, up 11.47 percent from Rs 11,742 crore the year before. NII is the difference between the interest revenue the bank received from lending operations and the interest paid to depositors.

Gross non-performing assets (NPA) decreased to 1.43 percent of total loans from 2.02 percent in the same quarter last year, indicating an improvement in the bank’s asset quality. Compared to a year earlier, net non-performing assets (NPAs) decreased to 0.31 percent.

For the quarter, recoveries from written-off accounts were Rs 919 crore.

On Wednesday, the price of the banks’ shares increased by 0.72% to Rs 1064.05.