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
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Commodities Market Today | Crude Up 0.8%, Gold Down 0.2%
09 May, 2024 | 1 Min. read
Share Market Today | Gift Nifty Flat, US Indices in Mix
09 May, 2024 | 5 Min. read
Gold Rate Today | Gold Slips Slightly, Down 0.2%
09 May, 2024 | 2 Min. read
TVS Motor Company Q4 Results: Net Profit up by 18%, Revenue Hits ₹8169 Crore!
09 May, 2024 | 4 Min. read
Delta Corp Joins Peninsula Land & AA Group in ₹765 Cr Venture
09 May, 2024 | 2 Min. read
NBCC Secures ₹400 Cr Projects in Kerala and Chhattisgarh
09 May, 2024 | 2 Min. read
Larsen & Toubro Q4 Result: Q4 PAT at ₹4,396 Cr, up 10% YoY
09 May, 2024 | 5 Min. read
RBI Warns NBFCs Against Loans Above ₹20,000 in Cash
09 May, 2024 | 2 Min. read
Gold Rate Today | City-Wise Gold Rates
08 May, 2024 | 2 Min. read
Jindal Stainless Supplies Alloy Steel for Navy’s SMART System
08 May, 2024 | 2 Min. read
LTIMindtree & IBM Collaborate for Generative AI Center in India
08 May, 2024 | 2 Min. read
Commodities Market Today | Crude Oil | Silver | Copper
08 May, 2024 | 2 Min. read
Analysis to Become a Pro Investor
28 Dec, 2023 | 4 Min. read
Women In Real Estate Investing (Investree)
28 Dec, 2023 | 5 Min. read
How To Check Prudent Corporate Advisory IPO Allotment Status
27 Dec, 2023 | 3 Min. read
How To Boost Credit Score? – Steps to Improve Creditworthiness
27 Dec, 2023 | 4 Min. read
Advantages and Disadvantages of Opening Multiple Demat Accounts
26 Dec, 2023 | 4 Min. read
7th CPC LTC: Leave Travel Concession Rules for Central Government Employees
26 Dec, 2023 | 4 Min. read
7th Pay Commission: House Building Advance (HBA) Interest Rate FY 2023-24
26 Dec, 2023 | 5 Min. read
The Future of Trading: Exploring Bajaj Broking’s Demat Features
26 Dec, 2023 | 6 Min. read
7th Central Pay Commission Cpc Fitment Table
23 Dec, 2023 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading