Money & Banking

Axis Bank Q1 net profit down 19%

Our Bureau Mumbai | Updated on July 21, 2020 Published on July 21, 2020

Private sector lender Axis Bank reported an 18.8 per cent decline in its net profit to ₹1,112.17 crore in the first quarter of the fiscal as against ₹1,370.08 crore a year ago.

“Adjusted for accounting policy changes and Net interest income reserves created during the quarter, NII, operating profit and PAT for the quarter would have been ₹7,100 crore, ₹6,151 crore and ₹1,626 crore respectively, growing by 22 per cent, 4 per cent and 19 per cent year on year, respectively,” it said in a statement on Tuesday.

Net interest income in the first quarter this fiscal grew 20 per cent year-on-year to ₹6,985 crore; net interest margin was 3.4 per cent.

Gross NPA and Net NPA declined to 4.72 per cent and 1.23 per cent as on June 30, 2020 from 5.25 per cent and 2.04 per cent a year ago.

Provisions stood at ₹4,416.42 crore for the first quarter this fiscal as against ₹3.814.58 crore a year ago. The bank made incremental provisions aggregating ₹733 crore in the first quarter this fiscal towards Covid-19.

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Published on July 21, 2020
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