Axis Bank on July 26 reported a 40 percent rise in net profit to Rs 5,790 crore for the April-June FY24 quarter from Rs 4,125 crore last year.
The results are considered very good since the gross non-performing assets (GNPA) of the bank declined to 1.96 percent as compared with 2.76 percent last year and also the net non-performing assets (NNPAs) of the bank fell to 0.41 percent compared with 0.64 percent last year.
The interest earned during the reporting quarter stood at Rs 25,556.77 crore which was 36% higher from Rs 18,728.65 crore in the corresponding quarter of the previous financial year.
Comments on Axis Bank Q1 Results
Commenting on the results Amitabh Chaudhry, Managing Director and CEO of Axis Bank said: “We are striving to create a distinctive new age bank that provides seamless banking solutions to customers, giving wings to their financial dreams and aspirations. We have been constantly raising the bar – strengthening our digital capabilities and building on our robust pipeline of products and services while keeping customer centricity at the core of every initiative”.
“With India’s strong macro environment supporting growth and providing abundant opportunities, we are geared up and confident of delivering sustainable growth across all our priority businesses,” he added.