Axis Bank has a loss of Rs 5,361 crore in the fourth quarter
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Mumbai: Private sector Axis Bank has incurred a loss of Rs 5,361 crore on an integrated basis in the fourth quarter of FY 2022-23. The bank has incurred this loss due to the acquisition of CitiIndia’s retail consumer business for Rs 12,490 crore. Due to this, it had a net profit of Rs 4,417 crore in the same quarter of the previous financial year. The bank reported a net loss of Rs 5,728 crore on a standalone basis in the March quarter. The bank had posted a net profit of Rs 4,117 crore on a standalone basis in the January-March quarter of FY 2021-22.
It had a profit of Rs 5,853 crore in the December quarter. The bank’s Managing Director and CEO Amitabh Choudhary told reporters after announcing the quarterly results that the acquisition of Citibank’s retail business has shown an impact on the quarterly results. He said that if the transaction amount is excluded, then the net profit of the bank has increased by 61 percent on an annual basis. The bank had announced the acquisition of Citibank’s consumer business and NBFC consumer business on March 1.
The core net interest income of the bank grew by 33 per cent to Rs 11,742 crore. Its net interest margin increased by 0.73 percent to 4.22 percent and advances also increased by more than 20 percent. Income from other sources also increased by 16 per cent to Rs 4,895 crore during the quarter. Meanwhile, the bank’s board has approved a proposal to raise Rs 35,000 crore through various means.
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