Axis Bank Navigates Net Profit Rise Amidst Global Challenges

Axis Bank has reported a marginal increase of 1.89% in its consolidated net profit for the March quarter, reaching Rs 7,631.72 crore. A significant Rs 2,001 crore has been earmarked by the bank to brace against the possible adverse effects stemming from the ongoing Middle East conflict.

Core net interest income experienced a 5% rise, attributed to a 19% growth in advances, although a 0.35% dip in net interest margin to 3.62% slightly offset the gains. The lender also benefited from a one-time tax gain, aiding in achieving a more favorable financial stance amidst global uncertainties.

Despite a drop in retail growth, wholesale advances surged by 38%. The bank is also boosting its subsidiary Axis Finance with a Rs 2,250 crore fund infusion. Staff numbers fell slightly due to increased productivity through technology, with future reductions anticipated as AI adoption expands.

(With inputs from agencies.)