Axis Bank Q4 Results: Net Loss At Rs 5,728 Crore

New Delhi:

Personal sector lender Axis Financial institution on Thursday reported a web lack of Rs 5728.42 crore for the March 2023 quarter on account of the acquisition of the retail shopper enterprise of CitiIndia.

The financial institution earned a web revenue of Rs 4,118 crore on a standalone foundation in the identical quarter the earlier 12 months.

Through the quarter, the financial institution’s complete earnings elevated to Rs 28,865 crore from Rs 22,000 crore a 12 months in the past, Axis Financial institution mentioned in a regulatory submitting.

Curiosity earnings grew to Rs 23,970 crore throughout the interval underneath evaluate towards Rs 17,776 crore within the corresponding quarter a 12 months in the past.

The financial institution’s board has really helpful a dividend of Rs 1 per share or 50 per cent of Rs 2 face worth for the 12 months ended March 31, 2023.

Gross non-performing property (NPAs) had been diminished to 2.02 per cent of gross advances as of March 31, 2023, from 2.82 per cent by the tip of March 2022.

Web NPAs additionally got here right down to 0.39 per cent of the advances from 0.73 per cent on the finish of 2022.

The autumn within the dangerous loans ratio helped reduce the provisions and contingencies for Q4FY23 to Rs 306 crore as in comparison with Rs 987 crore a 12 months in the past.

Axis Financial institution on March 1 introduced the acquisition of Citibank’s shopper enterprise and non-banking monetary firm (NBFC) shopper enterprise.

The financial institution paid Rs 11,603 crore for the acquisition introduced final 12 months in March. The sale excludes Citi’s institutional consumer companies in India.

Axis Financial institution is the fourth-largest issuer of bank cards with a complete base of 8.6 million playing cards, and the deal will add about 2.5 million credit score cardholders, making it one of many high three card companies within the nation.