Axis Bank’s results for the fourth quarter of the 2022-23 financial year (Q4FY23) were skewed due to large one-off charges related to its acquisition of Citi’s retail business. Axis reported a loss of Rs 5,730 crore on account of exceptional items of Rs 12,350 crore (net of tax) towards Citi’s acquisition, policy harmonisation etc. Excluding this one-off, the adjusted net profit or profit after tax (PAT) would be Rs 6,630 crore, up 61 per cent year-on-year (YoY).
Loan growth was healthy at 16 per cent YoY and 7 per cent quarter-on-quarter or QoQ (ex-Citi). Deposit growth was also good with increase in CASA (current and ratios. Fresh slippages moderated to Rs 3,380 crore, and led to improvement in asset quality. The restructured book was at 0.22 per cent of customer assets in Q4FY23.
The FY23 adjusted PAT grew 68 per cent YoY to Rs 21,930 crore while the reported figure was Rs 9,580 crore. The net interest income wa
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