The country's leading private sector lender - Axis Bank on Thursday reported net loss of Rs 5,728 crore in quarter ended March 2023 on account exceptional expenditure of Rs 12,489.82 crore for acquisition of Citibank's India Consumer Business from Citibank N.A.
The bank had reported net profit of Rs 4,118 crore during the same period last year.
Its net interest income or difference between interest earned and interest expended rose 33 per cent to Rs 11,742.16 crore versus Rs 8,819.12 crore during the same period last financial year.
Axis Bank’s asset quality saw an improvement as gross non-performing assets (NPAs), as a percentage of total advances, came in at 2.02 per cent at the end of March quarter compared with 2.38 per cent in the previous quarter and 2.82 per cent during the year ago period.
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In absolute terms, gross NPAs stood at Rs 18,604 crore versus Rs 19,961 crore in the previous quarter.
Net NPAs also saw an improvement as it came in at 0.39 per cent compared with 0.47 per cent in the previous quarter.
The bank recommended dividend of Re 1 per share and also approved fund raising plan of Rs 35,000 crore by issuance of AT1 bonds, non-convertible debentures, perpetual debt instruments and infra bonds.
“The Bank’s balance sheet grew 12 per cent YOY and stood at Rs 13,17,326 crore as on 31st March 2023. The total deposits grew 15 per cent YOY and 12 per cent QOQ on period end basis, within which savings account deposits grew 23 per cent YOY and 18 per cent QOQ, current account deposits grew 17 per cent YOY and 18 per cent QOQ; and total term deposits grew 11 per cent YOY and 6 per cent QOQ. The share of CASA deposits in total deposits stood at 47 per cent, up 215 bps YOY and 261 bps QOQ. On QAB basis, total deposits grew 11 per cent YOY and 6 per cent QOQ, within which savings account deposits grew 13 per cent YOY and 4 per cent QOQ, current account deposits grew 15 per cent YOY and 9 per cent QOQ; and total term deposits grew 10 per cent YOY and 6 per cent QOQ,” Axis Bank said in an investor presentation.
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“As on March 31, 2023, the Bank had a network of 4,903 domestic branches and extension counters situated in 2,741 centres compared to 4,758 domestic branches and extension counters situated in 2,702 centres as at March 31, 2022. As on March 31, 2023, the Bank had 15,953 ATMs and cash recyclers spread across the country. The Bank’s Axis Virtual Centre is present across six centres with over 1,500 Virtual Relationship Managers as on March 31, 2023,” the bank added.
Axis Bank shares ended 0.76 per cent lower at Rs 881, underperforming the Sensex which rose 0.6 per cent.
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