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Hot Pursuit News

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(24 Jul 2024, 18:05)

Axis Bank PAT rises 4% YoY to Rs 6,035 crore in Q1 FY25

The private lender reported 4.1% rise in net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.

Net interest income (NII) grew 12% YoY to Rs 13,448 crore during the quarter. Net interest margin (NIM) stood at 4.05% in Q1 FY25 compared with 4.10% posted in same quarter last year.

Profit before tax in June 2024 quarter stood at Rs 8,066.96 crore, registering an increase of 3.7% YoY.

Operating profit before provisions & contingencies increased 14.66% YoY to Rs 10,106.24 crore for the quarter. The bank's provisions and contingencies zoomed 97.05% to Rs 2,039.28 crore from Rs 1,034.88 crore posted in same quarter last year.

The bank holds cumulative provisions (standard + additional other than NPA) of Rs 11,732 crore at the end of Q1 FY25, over and above the NPA provisioning included in PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.2...

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