Axis Bank net profit rises 4% to Rs 6,071 crore | India Business News

MUMBAI: Axis Bank reported a net profit of Rs 6,071 crore for the quarter ended Dec 2023 – a 3.7% increase over Rs 5,853 crore in the year-ago period.
The bank’s net interest income for the quarter rose 9% year-on-year to Rs 12,532 crore from Rs 11,459 crore. Non-interest income rose 22% to Rs 5,555 crore from Rs 4,572 crore last year on the back of a 29% jump in fee income to Rs 5,169 crore.
However, a 32% jump in operating expenses from the corresponding quarter last year brought down operating profit by 1% to Rs 9,141 crore. The increase in operating expenses was because of the integration expenses coupled with Citi’s business operating expenses. Axis Bank completed the acquisition of Citi’s retail portfolio in March 2023, and the Dec 2022 numbers are pre-merger and not strictly comparable.
Analysts said the decline in net interest margins was anticipated on a QoQ basis because of rising deposit costs.

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