Axis Bank Q4FY23 net profit soars by 61% to Rs 6,625cr

Axis Bank has reported a 61% growth in its net profit for the fourth quarter of the fiscal year 2023 (Q4FY23) at INR 6,625 crores, compared to INR 4,118 crores in the same quarter of the previous fiscal year.

In the previous quarter, that is Q3FY23, Axis Bank had a net profit of INR 5,853 crores. For the fiscal year 2023, its net profit was INR 21,933 crores, which is a 68% growth compared to INR 13,025 crores for the fiscal year 2022.

The diluted earnings per share for the Indian private sector bank for the quarter ended 31 March 2023 were INR 86.31, compared to INR 54.27.

Axis Bank posted a 33% increase in its net interest income to INR 11,742 crores in Q4FY23, compared to INR 8,819 crores in Q4FY22. Its Q3FY23 net interest income was INR 11,459 crores.

The Indian lender saw its FY23 net interest income increase to INR 42,946 crores from INR 33,132 crores in FY22.

Axis Bank Q4FY23 results. Photo courtesy of Christopher J. Fynn/Wikimedia Commons.

Amitabh Chaudhry — Axis Bank MD and CEO, commenting on Axis Bank Q4FY23 results, said: “With the acquisition of Citibank India Consumer Business, we welcomed over 2.4 million new customers and ~3200 employees to the Axis family. The deal bolsters our market presence, especially in the growth of our premium market share across wealth and cards.

“We are working on the synergies, some of which are already yielding favorable outcomes. During the quarter, we also made significant progress on Bharat Banking and Digital, two of our priority areas. Overall, we closed the year with a strong sense of purpose and meaningful strides towards building a strong, sustainable franchise.”