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
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Axis Bank-Citi deal: Synergies seen FY25 onwards on deposit, AUM attrition
Axis Bank reports Rs 5,728-crore loss in Q4 on Citi biz acquisition
Axis Bank shares slide 2.4% post Q4 results; what should investors do?
Analysts raise Axis Bank's earnings forecast; to track deposit growth ahead
In a first, 13 Citi-Axis branches to co-locate till merger transition
After a muted Q4, high base could pose growth challenges for HUL
Share market reverse intraday losses on Wed, shrug off US recession fears
Targets indicate more upside for ICICI Bank; growth triggers remain
Sebi approves transfer of controlling stake of HDFC AMC to HDFC Bank
Voda-Idea shares rally nearly 10 pc as K M Birla returns to company board