Axis Bank Ltd. reported first-quarter net profit rose 4% year on year (YoY) to ₹6,035 crore compared with ₹5,797 crore in the year earlier period. The bank’s core operating profit for the quarter grew 16% YoY to ₹9,637 crore. Operating profit rose 15% YoY to ₹10,106 crore.

Net interest income (NII) for the quarter ended June 30, 2024 rose 12% YoY to ₹13,448 crore. Net interest margin (NIM) for Q1 of FY25 stood at 4.05%, the private sector lender said in a filing.

Provision and contingencies for Q1 FY25 stood at ₹2,039 crore. Specific loan loss provisions for Q1 FY25 stood at ₹2,551 crore. 

The bank holds cumulative provisions (standard plus additional other than NPA) of ₹11,732 crore at the end of Q1 FY25. 

“It is pertinent to note that this is over and above the NPA provisioning included in our PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.20% as on June 30, 2024,” it said.

“On an aggregated basis, our provision coverage ratio (including specific plus standard plus additional) stands at 150% of GNPA as on June 30, 2024. Credit cost (annualised) for the quarter ended June 30, 2024 stood at 0.97%,” it added.

“The last quarter was crucial in terms of getting all the teams to work together for the last leg of Citi integration,” said Amitabh Chaudhry, MD&CEO, Axis Bank.

“I am delighted that the integration is done and it was largely seamless given the size and scale of the transition,” he added.