Axis Bank Loss: The bank has incurred a loss of Rs 5,728 crore on a standalone basis in the March quarter. The bank had a net profit of Rs 4,117 crore on a standalone basis in the January-March quarter of the financial year 2021-22.
Axis Bank Share Price: Axis Bank of the private sector has suffered a loss of Rs 5,361 crore in the fourth quarter of the financial year 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, he had a profit of Rs 4,417 crore in the same quarter of the previous financial year. The bank has incurred a loss of Rs 5,728 crore on a standalone basis in the March quarter. The bank had a net profit of Rs 4,117 crore on a standalone basis in the January-March quarter of the financial year 2021-22.
Profit increased by 61 percent on an annual basis
The bank had a profit of Rs 5,853 crore in the December quarter. After announcing the quarterly results, the bank’s Managing Director and CEO Amitabh Chaudhary said that the acquisition of Citibank’s retail business has shown an impact on the quarterly results. He said that if the amount of this deal 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 last.
Net interest income increased by 33 percent
The basic net interest income of the bank increased by 33 percent 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 board of directors of the bank has approved the proposal to raise Rs 35,000 crore through various means.
