Private sector Axis Bank had a net loss of Rs 5,728.42 crore in the March quarter as the creditor paid a total of Rs 12,490 crore on the acquisition of the city’s consumer business, including the provisions of Axis Bank’s standards on stamp duty and city assets. .
Axis Bank completed the acquisition of City Retail and Wealth Management Business on 1 March 2023. Barring the city deal, the bank’s profit increases by 65 percent to Rs 6,622 crore.
Bank’s MD and CEO Amitabh Chaudhary said, “With the acquisition of Consumer Business of Consumer India, we welcomed 24 lakh new customers and 3,200 employees to Axis family. Bank’s net interest income increased by 33 percent to Rs 11,742 crore while net interest margin was Rs 11,742 crore 4.22 per cent, which is 73 base points higher than the same period last year.
Income increased by 24 percent in the fourth quarter. The total deposits of the third private sector bank in the country increased by 15 per cent on an annual basis. The bank’s gross NPA 80 base points declined to 2.02 per cent, while pure NPA was 0.39 per cent, which is one of the lowest levels in the industry. Pure NPA declined by 34 basis points.
The Board of Directors has issued loans in indigenous, foreign currency and approved to raise Rs 35,000 crore.
Bajaj Finserv’s profit up 31 percent
The integrated net profit of the fourth quarter of the last financial year ended in March 2023, Bajaj Finserv Limited (BFL), was Rs 1,769 crore to Rs 1,769 crore. The company had a net profit of Rs 1,346 crore in the January-March quarter of 2021-22. BFL, a holding company of various financial services business of Bajaj Group, informed the stock markets that its total integrated income in the March quarter has increased to Rs 23,625 crore, which was Rs 18,862 crore in the same period of the previous financial year. The company’s board of directors has recommended dividend of 80 paise per share on the share of one rupee inscribed price.
The company’s profit increased by 41 per cent to Rs 6,417 crore in the entire financial year 2022-23, which was Rs 4,557 crore in the last financial year.