Private sector lender Axis Bank on Thursday posted a standalone loss of Rs 5,728.42 crore for the March quarter of FY23. The loss is on account of the buying cost of Citi Bank’s India consumer business during the quarter.
The lender had reported a profit of Rs 4,117.77 crore in the corresponding period last year.
Axis Bank’s board has recommended a final dividend of Re 1 per share for the financial year 2022-23, according to a BSE filing.
The bank’s net interest income, the difference between interest earned and interest expended, during January-March 2023 jumped 33.1 per cent year-on-year to Rs 11,742.2 crore.
On the asset quality front, Axis Bank’s gross non-performing assets (GNPAs) improved by 80 basis points y-o-y and 30 bps q-o-q to 2.02 per cent at the end of March 2023 quarter. Its net NPAs also decline to 0.39 per cent, a decline of 34 bps y-o-y and 8 bps qoq.
Shares of Axis Bank on Thursday fell Rs 6.75 or 0.76 per cent to close at Rs 881.05 apiece on the BSE.
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