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Shares of Axis Bank slipped over 2 percent in early trade on April 28, a day after the private lender reported a net loss of Rs 5,728.42 crore for the fourth quarter of FY23, largely on account of costs incurred on buying Citi Bank's India consumer business.
The lender reported an exceptional item of Rs 12,489.82 crore during the March FY23 quarter. This exceptional item included the cost of acquiring the business assets and liabilities of Citibank's India consumer business from Citibank NA, as well as the NBFC consumer business from Citicorp Finance (India).
If we exclude this exceptional item, the profit for the quarter would have been Rs 6,625.29 crore, a 61 percent growth from Rs 4,117.77 crore in the same period last year.
Also Read: Axis Bank Q4 result: Private lender reports loss of Rs 5,728 crore
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