Axis Bank, one of India's leading private sector banks, reported an 18% year-on-year (YoY) rise in net profit, reaching Rs 6,918 crore for the quarter ending September 2024. This growth was primarily driven by strong credit demand, which resulted in higher core lending income, as per the bank's exchange filing on Thursday. In the same period last year, Axis Bank posted a net profit of Rs 5,864 crore.
Amitabh Chaudhry, Managing Director & CEO of Axis Bank, emphasized the bank's continued focus on balancing digital innovation with physical expansion. 'In this quarter, we opened 150 new branches across urban and rural areas, strengthening our presence across the country,' Chaudhry said. The bank also laid the foundation for a new corporate office in Kolkata, further reinforcing its regional presence in the eastern region.
In addition, Axis Bank has aggressively expanded its private banking division, ‘Burgundy Private’, into 15 new cities, bringing its wealth management services to 42 locations nationwide. This move aims to cater to the growing affluence in India's Tier 2 markets.
The bank's asset quality improved, with gross non-performing assets (NPAs) reducing to 1.44% of total loans by the end of September 2024, down from 1.73% in the same period last year. Similarly, net NPAs decreased to 0.34% from 0.36% YoY, demonstrating Axis Bank's efforts in managing risk and maintaining a healthy loan portfolio.
Axis Bank's steady profit growth, combined with its strategic expansion into new regions and innovative services, positions the bank for continued success. The bank’s focus on core lending, improving asset quality, and expanding wealth management offerings will likely drive its future growth.
With these results, Axis Bank continues to affirm its position as a major player in India's financial sector, poised for further advancements in both digital and traditional banking avenues.
Also Read: DA Hike News: Central Govt Employees Likely To Get 3 percent
I'm Akanksha Sinha, an expert in writing sports blogs, news, and various articles for entertainment and more. I bring a unique flair to my work, providing insightful perspectives on the world of sports.
My articles aim to inform and entertain, making me a go-to source for sports enthusiasts seeking a blend of information and enjoyment. With a passion for storytelling and a keen eye for detail, I consistently deliver compelling narratives that resonate with a diverse audience.
