Axis Bank Q4 Results: Net profit of ₹7,130 cr, asset quality improves

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In the last financial year, in Q4, Axis Bank reported a loss of  ₹5,728.42 crore. However, the net profit surged for the full year to Rs 24,861.43 crore, a substantial increase from Rs 9,579.68 crore in FY23. Meanwhile, the Net Interest Income (NII) for FY24 amounted to ₹1,09,368.63 crore, up from Rs 85,163.77 crore in FY23.

DATA Points:

  1. Net Interest Income: Up by 11% YOY
  2. Operating profit: Up by 15% YOY
  3. PAT:  ₹7,130 crores up 17% QOQ
  4. Bank’s total business: Up by 13% 


On Wednesday 24 April 2024, the Board of Directors of Axis Bank Limited presented the financial results for the fourth quarter ending on 31st March 2024. One of India's most well-known private banks, Axis Bank announced a net profit of ₹7,130 crore. Contrasting with the same quarter of the prior financial year, the bank had incurred a loss of ₹5,728.4 crore. Axis Bank Q4 results reflect that its Net Interest Income (NII) for the quarter grew by 11% year-on-year to ₹13,089 crore. The quarter's net interest margin (NIM) stood at 4.06%, showing an increase in basis points (bps) quarter-on-quarter.

Explore: Axis Bank Share Price

Axis Bank Q4 Results: 5 Key Financial Highlights

Here are the highlights: 

  1. The Q4 results show an operative profit of ₹10,536 crores. This is a 15% rise YoY. The core operating profit rose 5% YoY and 8% QOQ and came in at ₹9,515 crore. The lender’s net profit grew 17% QoQ and stood at ₹7,130 crores, much higher than last year's loss of ₹5,728 crores.
  2. The Board of Directors proposed a dividend of ₹1 per equity share with a face value of ₹2 per equity share for the FY ending 31st March 2024. This recommendation is subject to approval by the shareholders at the upcoming annual general meeting.
  3. As of Q4 FY 2024, the Bank's reported Gross Non-Performing Assets (NPA) was at 1.43% while the Net Non-Performing Assets (NPA) levels stood at 0.31%. This indicates a decrease from 1.58% and 0.36% recorded as of 31st December 2023.
  4. Provision and contingencies for the 4th quarter of FY24 amounted to ₹1,185 crores, while specific loan loss provisions for the same period stood at ₹832 crores.
  5. In other income, fee income for Q4 rose 23% YOY and 9% QOQ to ₹5,637 crores. Retail fees experienced a significant growth of 33% year-on-year (YOY) and 12% quarter-on-quarter (QOQ). These fees constituted 74% of the Bank's total fee income.

Additional Read: 129 Indian Companies to Release Q4 Results

Axis Bank Q4 Results: Profitability Analysis

Axis Bank expanded its balance sheet by 12% YoY to reach ₹14,77,209 crore (as of March 31, 2024). Total deposits saw a surge of 13% YoY and 6% QoQ. Growth was also witnessed in savings account deposits that rose by 2% YoY and 4% QoQ, and current account deposits increased by 5% YoY and 18% QoQ. CASA deposits accounted for 43% of total deposits. The bank's advances increased by 14% YoY and 4% QoQ, reaching ₹9,65,068 crore as of March 31, 2024.

Additional Read: Quarterly Results

Axis Bank Q4 Results: Major Financial Metrics (in Crores)

What the Future Holds for Axis Bank?

India's stock market is now the world's fifth-largest in terms of value. MSCI increased India's weight in its Global Standard (Emerging Markets) equity index to a record 18.2%, starting from March 1, 2024. Axis Bank has displayed strong operating performance, with the Operating revenue up by 20% YoY and 10% QoQ. In FY24, the Net Interest Income grew by 16% year-on-year. Additionally, the fee income for FY24 increased by 28% YoY, and the operating profit also grew by 16% YoY.

Additional Read: Annual Results


FY 2023-24 was a year of strong growth and innovation for  Axis Bank. A pioneer in innovations, Axis Bank unveiled its digital banking platform 'Open by Axis Bank,' which boasts approximately 250 features in a user-friendly interface. Furthermore, the 'One-View' feature on the bank's mobile app enables seamless management of finances across multiple banks, setting a precedent in the industry. The lender also celebrated opening its 5,000th branch in Ahmedabad. Uttar Pradesh witnessed a record inauguration of over 100 new branches by Axis Bank, including a branch managed entirely by women in Moradabad.

As one of India’s largest private sector banks, Axis Bank appears promising, with a continued focus on innovation, digital banking, and expanding its branch network. To grow and stay competitive in India's banking world, Axis Bank is focusing on new technology and meeting changing customer demands. These can prove to be key strategies for the bank’s growth and competitiveness in the dynamic Indian banking landscape.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Results for the Fourth Quarter and Full Year Ended March 31, 2024

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Frequently Asked Questions

What was Axis Bank’s net profit in FY 2024?

Answer Field

Axis Bank’s Net Interest Income grew 11% YOY and 4% QOQ. For the full year, the net profit surged to Rs 24,861.43 crore, a substantial increase from Rs 9,579.68 crore in FY23.

Does Axis Bank enjoy a good CASA?

Answer Field

Axis Bank’s CASA ratio is among the best in the industry. On a QAB1 basis, Retail Term Deposits grew 16% YOY & 3% QOQ, while the total deposits grew by 16% YOY & 5% QOQ.

What is Axis Bank’s position in payments and digital banking?

Answer Field

When it comes to payments and digital banking, Axis Bank continues to maintain a strong position. Axis Mobile & Axis Pay have over 11 mn non-Axis Bank customers. There are 100+ digital partnerships across platforms and ecosystems. The bank has more than 20 million customers on WhatsApp banking.

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