Axis Bank Q1 profit nearly halves YoY to Rs 701 cr

Axis Bank on Monday posted 46.30 per cent YoY fall in net profit at Rs 701.09 crore for the quarter ended June. It had reported a net profit of Rs 1,305.60 crore in the corresponding quarter last year.ETNow poll had predicted a net profit of Rs 600 crore for the June quarter.Provisions increased 42.51 per cent on a year-on-year basis to Rs 3,337.70 crore in Q1FY19 over Rs 2,341.93 crore in Q1FY18. They declined 53.51 per cent on quarter-on-quarter basis.Net interest income of the bank increased 11.92 per cent YoY to Rs 5,166.80 crore for the quarter under review against Rs 4,616.14 crore in the corresponding quarter last year.Asset quality of the lender improved during the quarter with percentage of gross non-performing assets coming in at 6.52 per cent against 6.77 per cent on a quarter-on-quarter basis. Percentage of net NPA declined to 3.09 per cent from 3.40 per cent on QoQ basis.The bank’s balance sheet grew 14 per cent YoY and stood at Rs 6,92,686 crore as on June 30. Axis Bank’s advances grew 14 per cent YoY to Rs 4,41,074 crore for the quarter under review. The private sector lender had reported its first-ever loss since listing at Rs 2,188.74 crore in the sequential quarter ended March 2018.

from The Economic Times https://ift.tt/2LyxGFN