Axis Bank June Quarter Profit Falls 19% To Rs 1,112 Crore

Axis Bank is the country’s fourth largest private sector lender by market value

Axis Bank on Tuesday reported a net profit of Rs 1,112.17  crore for the April-June period, marking a decline of 18.82 per cent compared with the corresponding period a year ago. In a regulatory filing after market hours, Axis Bank, the country’s fourth largest private sector lender by market capitalisation, said its total interest income came in at Rs 16,538.89 crore in the first quarter of current financial year, up 8.42 per cent on a year-on-year basis.

The bank said its gross non-performing assets – or bad loans – as a percentage of total loans improved to 4.72 per cent in the April-June period, from 4.86 per cent in the previous quarter, and 5.25 per cent in the three-month period ended June 30, 2019. 

Axis Bank said the coronavirus pandemic has affected the world economy including India, causing volatility in financial markets and hampering economic activities.

The extent to which COVID-19 will impact Axis Bank’s operations and asset quality will depend on future developments, “which are highly uncertain”, the lender said. 

Shares in Axis Bank had ended 2.86 per cent higher at Rs 446.20 apiece on the BSE, outperforming the benchmark Sensex index which rose 1.37 per cent to a more than four-month closing high led by gains across sectors. 

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