Axis Bank clocks net profit of Rs 7,130 crore for Jan-March quarter

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.