Axis Bank Q4 results: Lender reports net loss of Rs 5,728.4 crore

Axis Bank posted a net loss of Rs 5,728.4 crore for the quarter ended March 2023 owing to the Citi merger. Zee Business Research team had pegged the losses in the range of Rs 2,900 crore to Rs 5,900 crore. The private sector lender had posted a profit of Rs 4,117.8 crore in the year-ago period.

For the fiscal year, Axis Bank's net profit or profit after tax (PAT) came in at Rs 9,579.68 crore. The lender had reported a net profit of Rs 13,025.48 crore in the previous year.
Axis Bank's net interest income (NII) -- net income earned minus total income paid -- came in at Rs 11,742.2 crore.

Bank's gross non-performing assets (NPA) came in at Rs 18,604.2 crore, as GNPA stood at 2.02 per cent as it declined by 80 bps Y-O-Y and 36 bps Q-O-Q, NNPA is at 0.39 per cent declined 34 bps YO--Y & 8 bps Q-o-Q.

"With the acquisition of Citibank India Consumer Business, we welcomed over 2.4 million new customers and ~3200 employees to the Axis family. The deal bolsters our market presence, especially in the growth of our premium market share across wealth and cards. We are working on the synergies, some of which are already yielding favorable outcomes. During the quarter, we also made significant progress on Bharat Banking and Digital, two of our priority areas. Overall, we closed the year with a strong sense of purpose and meaningful strides towards building a strong, sustainable franchise,” said Amitabh Chaudhry, MD & CEO, Axis Bank.

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