Axis Bank's gross advances rose 2.3% sequentially to Rs 12.73 lakh crore in April-June, according to provisional numbers disclosed by the lender on Saturday. On a year-on-year basis, it advanced by 18.8%.
The bank's total deposits were also up, as they rose 2.8% sequentially and 18.2% on-year to Rs 13.73 lakh crore.
The current account and savings account, or CASA deposits fell 1.4% sequentially to Rs 8.5 lakh crore. However, it rose 22.8% year-on-year.
Axis Bank Q4 Results
Axis Bank reported fourth-quarter profit that beat Bloomberg estimates after a tax write-back boosted earnings, while bad-loan ratios improved and loan growth remained strong.
Net profit for the quarter ended March 31 rose 9% from the previous three months to Rs 7,071 crore, marginally above Rs 6,958 crore Bloomberg estimate. The bottom line was down 0.6% from Rs 7,117 crore a year earlier. The lender said tax expense for the quarter was lower by Rs 2,193.2 crore after income-tax authorities allowed depreciation on intangible assets linked to the acquisition of Citi's India consumer business.
ALSO READ: Axis Bank Q4 Results: Profit Meets Estimates After Tax Gain, Asset Quality Improves
Net interest income, the difference between interest earned and interest paid, rose 5% from a year earlier to Rs 14,457 crore, missing the Rs 14,727 crore Bloomberg estimate. Net interest margin was 3.62%, compared with 3.64% in the previous quarter.
Advances grew 19% from a year earlier and 6% from the December quarter to Rs 12,33,570 crore. Corporate loans rose 38%, SME loans increased 24% and retail loans grew 8%. Retail loans accounted for 55% of net advances.
Deposits rose 14% from a year earlier and 6% quarter on quarter to Rs 13,35,834 crore. The CASA ratio stood at 40%, up from 39% in the previous quarter.
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