Axis Bank's Q2FY24 Financial Performance Review
In this financial performance review, we delve into the results of Axis Bank for the second quarter of fiscal year 2024 and analyze key metrics, including revenue, expenses, net profit, and margin.
| Particulars | Q2FY23 | (Y-o-Y) % change | Q1FY24 | (Q-o-Q) % change | Q2FY24 |
| Total Income (₹crs.) | 251.7 | 31.57 | 318.9 | 3.86 | 331.2 |
| Expenses (₹crs.) | 170.5 | 40.47 | 226.4 | 5.79 | 239.5 |
| Net Profit (₹crs.) | 56.25 | 10.52 | 60.98 | 1.95 | 62.17 |
| Margin (%) | 22.35 | -3.57 | 19.12 | -0.35 | 18.77 |
REVENUE:
Axis Bank reported a total income of ₹331.2 crores for Q2FY24, displaying a notable 3.86% increase compared to the preceding quarter. Year-on-year, the company achieved significant growth, with a remarkable 31.57% rise in total income.
EXPENSES:
The bank recorded expenses amounting to ₹239.5 crores in Q2FY24, representing a 5.79% increase compared previous quarter. Year-on-year there was a significant increase of 40.47%.
NET PROFIT:
The net profit of Axis Bank for Q2FY24 was ₹62.17 crores, indicating a steady 1.95% increase compared to the preceding quarter. Year-on-year, the bank maintained its profitability, with a 10.52% growth in net profit.
MARGINS:
Axis Bank's margin in Q2FY24 was 18.77%. This figure displayed a minor decrease of -0.35% compared to the previous quarter when the margin was 19.12%. Year-on-year, the margin experienced a more significant drop of -3.57% from the margin of 22.35% in the corresponding quarter of the previous fiscal year.
In conclusion, Axis Bank's financial performance in Q2FY24 showcases a strong year-on-year growth in total income, with steady improvements in net profit. However, there has been a slight dip in margins year-on-year.
Stay tuned for more detailed updates on Axis Bank's financial performance in the coming quarters.
