MUMBAI: Axis Financial institution reported a web revenue of Rs 6,071 crore for the quarter ended Dec 2023 – a 3.7% improve over Rs 5,853 crore within the year-ago interval.
The financial institution’s web curiosity earnings for the quarter rose 9% year-on-year to Rs 12,532 crore from Rs 11,459 crore. Non-interest earnings rose 22% to Rs 5,555 crore from Rs 4,572 crore final yr on the again of a 29% soar in charge earnings to Rs 5,169 crore.
Nevertheless, a 32% soar in working bills from the corresponding quarter final yr introduced down working revenue by 1% to Rs 9,141 crore. The rise in working bills was due to the mixing bills coupled with Citi’s enterprise working bills. Axis Financial institution accomplished the acquisition of Citi’s retail portfolio in March 2023, and the Dec 2022 numbers are pre-merger and never strictly comparable.
Analysts stated the decline in web curiosity margins was anticipated on a QoQ foundation due to rising deposit prices.
The financial institution’s web curiosity earnings for the quarter rose 9% year-on-year to Rs 12,532 crore from Rs 11,459 crore. Non-interest earnings rose 22% to Rs 5,555 crore from Rs 4,572 crore final yr on the again of a 29% soar in charge earnings to Rs 5,169 crore.
Nevertheless, a 32% soar in working bills from the corresponding quarter final yr introduced down working revenue by 1% to Rs 9,141 crore. The rise in working bills was due to the mixing bills coupled with Citi’s enterprise working bills. Axis Financial institution accomplished the acquisition of Citi’s retail portfolio in March 2023, and the Dec 2022 numbers are pre-merger and never strictly comparable.
Analysts stated the decline in web curiosity margins was anticipated on a QoQ foundation due to rising deposit prices.
