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Axis Bank PAT Grows Up Sequentially To 91% Yoy

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HT Bureau

GUWAHATI, July 26: Axis Bank announced its Q1FY23 results on July 25, stating that the bank’s core operating profit for the quarter grew 17% Year-over-Year (YoY) and 5% Quarter-over-Quarter (QoQ) to 6554 crores. It further informed that its net profit grew 91% from 2160 crores in Q1FY22 to 4125 crores in Q1FY23. The Bank’s Net Interest Income (NII) grew 21% YoY and 6% QoQ to 9384 crores. Net interest margin (NIM) for Q1FY23 stood at 3.60%, up 14 bps YoY and 11 bps QoQ. Fee income for Q1FY23 grew 34% YoY to 3576 crores. Retail fees grew 43% YoY; and constituted 66% of the Bank’s total fee income.

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Retail Assets (excluding cards and payments) fees grew 81% YoY. Retail cards and payment fees grew 62% YoY. The Corporate and Commercial banking fees together grew 19% YoY. The trading loss for the quarter stood at 667 crores as compared to trading gains of 556 crores in Q1 FY22; miscellaneous income in Q1FY23 stood at 90 crores. Overall, non-interest income (comprising fee, trading profit, and miscellaneous income) for Q1FY23 stood at 2999 crores. Credit cost for the quarter ended June 30 last, stood at 0.41%, declining by 129 bps YoY.

Amitabh Chaudhry, MD, and CEO, Axis Bank commented, “As an institution, we continue to make good progress despite the macroeconomic headwinds that pose a challenge at multiple levels, both domestically and to the larger global economy. We continue to strengthen our core, as we open up all doors of growth and development, keeping our priorities intact on building a nimble, smart, and customer-obsessed bank. One of the highlights for Axis Bank in the previous quarter was our acquisition of Citibank’s consumer business in India. We have filed for the due approvals and once they are in place, the integration process will pick up the pace.”

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