In a major financial development, Axis Bank’s shares experienced a substantial climb on Thursday following the announcement of its impressive consolidated net profit of Rs 7,599 crore for the March 2024 quarter. This remarkable performance fueled a surge in the bank’s stock price, resulting in a 5.19% advancement to Rs 1,119 on the BSE and a 5.29% rise to Rs 1,119.50 on the NSE. Notably, Axis Bank’s stellar performance made it the biggest gainer among the esteemed BSE Sensex and NSE Nifty firms.
Axis Bank’s robust financial standing was further reinforced by its strong consolidated net profit in the March 2024 quarter. The bank’s net profit for the quarter stood at a substantial Rs 7,599 crore, reflecting a noteworthy increase compared to the previous year’s loss. Furthermore, on a standalone basis, Axis Bank reported a net profit of Rs 7,130 crore for the January-March period. This positive trajectory is a significant improvement from the loss incurred during the same period a year ago, primarily attributed to the impact of the bank’s acquisition of Citi’s retail business.
Axis Bank’s consistent growth momentum is also evident in its impressive sequential performance. The bank’s net profit for the March 2024 quarter exhibited a noteworthy 17% rise compared to the previous quarter of FY24, which recorded earnings of Rs 6,071 crore. This positive trend extended to the entire financial year FY24, with the bank’s net profit reaching a remarkable Rs 24,861.43 crore, a significant increase from the Rs 9,579.68 crore reported in the previous financial year.
