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Axis Bank unveiled a plan to raise ₹55,000 crore, comprising ₹35,000 crore through debt instruments and ₹20,000 crore via equity. Alongside this announcement were the fourth-quarter results, showcasing a profit of ₹7,130 crore, a notable turnaround from the previous year's loss. Key financial metrics include a 22% year-on-year increase in net interest income ₹29,224 crore and an operating profit of ₹10,536 crore.
Axis Bank’s Q4 results were recently published and along with that, the bank's board also approved a fundraising plan of ₹55,000 crore. These funds will be split between ₹35,000 crore from debt instruments and ₹20,000 crore from equity issuance.
The bank reports a significant turnaround with a profit of ₹7,130 crore in Q4, compared to a loss in the previous year. Net interest income sees a robust 22% year-on-year increase to ₹29,224 crore. Operating profit grows by 15% year-on-year to ₹10,536 crore, driven by strategic focus areas like Bharat Banking and Digital initiatives.
Fee income witnesses a robust 23% year-on-year growth to ₹5,637 crore, with retail fees constituting 74% of the total. Retail cards and payment fees surge by 39% year-on-year. Trading income records a gain of ₹1,021 crore for the quarter.
Explore: Axis Bank Share Price
MD and CEO, Amitabh Chaudhry, highlights the bank's focus on key priority areas such as Bharat Banking and Digital, alongside nimble exploration of new opportunities. The integration of Citi remains on track, with the bank approaching the final milestone, LD2, within the next six months.
Axis Bank's shares closed 0.88% higher at ₹1,065 on Wednesday, reflecting positive investor sentiment towards the fundraising plan and strong quarterly performance.
Additional Read: Share Market News
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