Amongst the budget blues that appear to have plagued the larger paradigm of the Indian indices, the markets are also dealing with the wave of developments from the earnings corner.
More companies have announced their numbers for the recently concluded quarter, which ended on June 30. One of the companies to announce their results was Axis Bank.
The Mumbai-based bank announced its results in an exchange filing on July 24. The markets, however, do not appear to have reacted positively to the results. The company shares dipped by more than 6 per cent in the intraday trade on July 25.
According to the exchange filing, the bank's net profit for the quarter stood at Rs 6,035 crore in the recently concluded quarter, compared to the previous quarter or Q4 of FY 24, when the company accrued a net profit of Rs 7,613.55 crore, thereby marking a mammoth decline of 20 per cent. |
Axis Bank Profits
The bank's Net profit stood at Rs. 6,035 crores in Q1 FY25 as compared to Rs. 5,797 crores in Q1FY24, and grew 4 per cent YOY.
According to the exchange filing, the bank's net profit for the quarter stood at Rs 6,035 crore in the recently concluded quarter, compared to the previous quarter or Q4 of FY 24, when the company accrued a net profit of Rs 7,613.55 crore, thereby marking a mammoth decline of 20 per cent.
In addition to that, according to the exchange filing, the bank's Net Interest income rose by 12 per cent, as NII increased from Rs 11,959 crore in July 2023 or Q1 of FY24 to Rs 13,448 crore.
The bank's operating revenue stood at Rs 19,232 crore in the recently concluded quarter. In Q1 of FY24, the number stood at Rs 17,046 crore, this marked a 13 per cent jump in the bank's operating revenue.
According to the statement, the company's provision and contingencies for Q1FY25 stood at Rs 2,039 crore. The loan loss provisions for the recently concluded quarter stood at Rs 2,551 crores.
Bank's Shares Drown After Results
The bank's shares declined by 6.46 per cent or Rs 80.00, taking the overall value to Rs 1,159.25 per share. |
In addition, the lender's deposits also appear to have dipped compared to the previous quarter. Axis Bank's deposits stood at Rs 10,62,484 crore, compared to the previous quarter's Rs 10,67,102.40 crore. This meant a total decline of 0.43 per cent in the bank's deposits.
The bank also claimed that it added 50 branches during the quarter.
Axis Bank shares have been trading in red for most of the day, even declining by over 6 per cent. At 12:12 IST, the bank's shares declined by 6.46 per cent or Rs 80.00, taking the overall value to Rs 1,159.25 per share.
