Axis Bank’s net profit rose 10 percent on-year to Rs 5,864 crore in Q2FY24 aided by 19 percent on-year rise in net interest income (NII) and controlled provisions
Net interest margin (NIM) increased 15 basis points YoY to 4.11% in the reporting period. However, it was flat sequentially.Operating profit for the quarter rose 12% YoY to Rs 8,632 crore. Fee income rose 31% YoY in the September 2023 quarter to Rs 4,963 crore, while retail fees jumped 38%.
Axis Bank may surprise positively, given the low base of margins relative to other large banks, a substantial improvement in loan mix over the last one year and faster than expected repricing of EBLR linked loans.