Axis Bank Q2 FY25 Results : Axis Bank has released the results of the second quarter of the financial year 2024-25, in which the bank has performed strongly. In this quarter, the bank’s net profit increased by 18% year-on-year to ₹ 6,918 crore, while net interest income registered a growth of 9%. This success of the bank is based on the strategy of getting closer to the customers along with digital and physical expansion.
Balancing digital and physical expansion
Amitabh Chaudhary, MD & CEO, Axis Bank, said at the announcement of the results, “This quarter we have struck a balance between digital and physical expansion. We have opened 150 new branches in the last three months. , which is spread across both urban and rural areas, we have expanded our ‘Burgundy Private’ network to 42 cities, now providing private banking services in Tier 2 markets of India.
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Axis Bank expansion
Axis Bank has expanded significantly during this quarter, both digitally and physically. The bank opened 150 new branches and laid the foundation of a new corporate office in Kolkata, which will further strengthen the bank’s presence in Eastern India. Apart from this, the bank has provided cardless cash withdrawal, deposits, and other banking services to the customers through technology like UPI ATM.
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10 big things about Axis Bank’s Q2 FY25 results
1. Net Profit: The bank’s net profit increased by 18% to Rs 6,918 crore in this quarter.
2. Operating Profit: The operating profit of the bank increased by 24% to Rs 10,712 crore.
3. Net Interest Income: Net interest income stood at Rs 13,483 crore with a growth of 9% on annual basis.
4. Net Interest Margin: The net interest margin of the bank remained stable at 3.99%.
5. Fee Income: Fee income increased by 11% annually and 6% quarterly, reaching Rs 5,508 crore.
6. Growth in deposits: Total deposits increased by 14% on annual basis and 2% on quarterly basis.
7. Loan growth: Total advances increased by 11% on annual basis and 2% on quarterly basis to Rs 9,99,979 crore.
8. Retail loan growth: Retail loans grew by 15%, while SME loans registered a growth of 16%.
9. Reduction in GNPA and NNPA: Gross NPA came down to 1.44%, while Net NPA stood at 0.34%.
10. New Expansion: The bank opened 150 new branches, taking the total number of branches to 5,577.
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Axis Bank has declared better results in the second quarter, which shows its strong financial position. The bank’s focus is not only on expanding digital services but also on increasing its reach in rural and urban areas. The results of this quarter reflect the stability and growing strategy of the bank. However, before the announcement of the results on Thursday, October 17, the bank’s shares closed at Rs 1,131.00 with a fall of Rs 22.20 or 1.93% in the market.