Axis Bank has emerged with a strong financial performance in the fiscal fourth quarter, reporting a net profit of Rs 7,130 crore compared to a loss of Rs 5,762 crore in the same period last year. This turnaround follows its acquisition of Citi Bank’s India consumer division, which has significantly contributed to boosting the bank’s revenue streams and market presence.
The bank’s net interest income (NII) came in at Rs 13,089 crore, marking an 11.47% increase from the previous year’s figure of Rs 11,742 crore.
The gross non-performing asset (NPA) ratio has decreased to 1.43% from 2.02% in the corresponding period, reflecting a healthier loan portfolio. Similarly, the net NPA ratio improved to 0.31% compared to 0.39% previously, indicating enhanced risk management practices.
Axis Bank‘s board has approved a substantial fundraise plan. The bank intends to raise Rs 35,000 crore through debt instruments issuance, Additionally, another Rs 20,000 crore will be raised via equity.
