Axis Bank Q4 results: Top four highlights from the earnings report

Private sector lender Axis Bank on April 27 reported a standalone loss of Rs 5,728.42 crore for the March quarter of FY23 due to the buying cost of Citi Bank's India consumer business during the quarter.

Private sector lender Axis Bank reported a net loss of Rs 5,728 crore for the quarter ended March 31, 2023.

Moneycontrol looks at the key highlights from the bank’s earnings report card:

Net loss

The private sector lender reported a net loss of Rs 5,728 crore compared to a net profit of Rs 4,117 crore in the corresponding quarter last year.

The loss was recorded due to the acquisition cost of Citi Bank's India consumer business during the quarter.

The net interest income (NII) of the lender jumped 33 percent to Rs 11,742 crore compared to Rs 8,819 crore in the quarter ended March 31, 2022.

The net interest margin (NIM) stood at 4.22 percent, up by 73 basis points (bps) year-on-year (YoY).

Also read: Axis Bank Q4 result: Private lender reports loss of Rs 5,728 crore

Double digit deposit growth

Total deposits grew 15 percent YOY, from Rs 8.21 lakh crore in March 2022 to Rs 9.46 lakh crore.

Current and Savings Account (CASA) grew by 21 percent YOY and. CASA ratio stood at 47 percent, an increase of 2.15 percent YOY.

Asset quality improved

The bank’s gross non-performing assets (GNPA) stood at 2.02 percent, declining by 80 bps YOY.

Whereas the bank’s net (NNPA) stood at 0.39 percent, declined by 34 bps YOY.

Segment profits

The bank recorded the highest ever quarterly credit cards issued, at around 1.13 million in the quarter ended March 2023.

The lender’s small business banking (SBB) grew 50 percent YOY and the rural loan portfolio grew 26 percent YOY.

Unsecured personal loans, a booming segment among banks, grew by 21 percent YOY.