The third-largest private bank in India sets a record date for the last dividend; must you purchase the stock to qualify?
Axis Bank is one of the companies that market watchers are paying close attention to after reporting impressive Q4 numbers. The private bank’s announcement of the record date for the FY24 final dividend, however, is the big story. As a result, Axis Bank’s shares finished 0.24% higher on the BSE on Friday at Rs 1130.05 a share.
Dividend of Axis Bank
“We hereby inform you that the Board of Directors of Axis Bank Limited (“Bank”) at its meeting held today, i.e., April 24, 2024, has recommended a final dividend of Re. 1/- per equity share i.e., 50% of the face value of Rs. 2/- each, for the financial year ended March 31, 2024, subject to approval of the members of the Bank at the ensuing 30th Annual General Meeting (“AGM”). If authorized, the dividend will be disbursed within thirty days after the AGM’s completion, according to a regulatory filing by Axis Bank.
Date of the Axis Bank Dividend Record
“The 30th Annual General Meeting (the “AGM”) of the Bank will be held on Friday, July 26, 2024, by video conference and other audio-visual means, as agreed by the Board. Axis Bank said in a stock market filing that the record date for the payment of the final dividend is Friday, July 12, 2024, in accordance with Regulation 42 of the SEBI Listing Regulations.
Axis Bank Q4 Financials
There was a 17% QOQ rise from a net loss of Rs 5,728 crores in Q4FY23 to a net profit of Rs 7,130 crores in Q4FY24. At Rs 13,089 crores, the bank’s Net Interest Income (NII) increased by 4% QOQ and 11% YoY. In Q4FY24, the net interest margin (NIM) increased by 5 basis points on a quarterly basis to 4.06%. During the quarter, the bank’s operational profit increased to Rs 10,536 crores, representing 15% YoY and 15% QOQ. Core operating profit increased to Rs 9,515 crores in Q4FY24, up 5% YoY and 8% QOQ.
Net interest income increased 16% YoY in FY24, from Rs 42,946 crores to Rs 49,894 crores. From Rs 9,580 crores in FY23 to Rs 24,861 crores in FY24, the net profit increased by 160%.
The bank’s gross and net non-performing assets (NPA) as of March 31, 2024, had been estimated to be 1.43% and 0.31%, respectively, compared to 1.58% and 0.36% on December 31, 2023.
Target Share Price for Axis Bank
Choice Broking’s Equity Research Analyst, Deven Mehata, stated: “Recent price movement for AXISBANK shows encouraging signals of underlying strength and durability. The stock showed significant strength after breaking through a support level of 1085, indicating investor confidence at that point. AXISBANK, which is now trading at around 1130.30, has shown a significant bounce from the previously noted support, which often indicates the start of a positive trend. Additionally, the stock’s placement above significant moving averages supports its bullish view by demonstrating persistently strong momentum in the face of the current market circumstances.”
Although there seems to be a little barrier at around the 1150 level, which indicates a moderate resistance, a successful breakthrough of this barrier may open the door for further upward movement. In the future, if AXISBANK is able to overcome this barrier, it may be a big step forward for the stock and perhaps push it higher. With a goal of $1210, investors would want to keep a careful eye on price changes in order to spot any entry or accumulation opportunities in keeping with AXISBANK’s predicted bullish trajectory,” he said.
