Axis Bank profit doubles in Q1 to ₹1,370 crore

NEW DELHI: Axis Bank on Tuesday reported a 95.4% jump in stand-alone net profit to ₹1,370.08 crore for the first quarter of FY20 aided by a healthy rise in income. The bank had posted a net profit of ₹701.09 crore in the April-june quarter of the previous fiscal year.

Total income (stand-alone) rose to ₹19,123.71 crore for the June quarter of FY20, from ₹15,702.01 crore in the year ago period, Axis Bank said in a regulatory filing.

Other income rose 32.27% to ₹3,868.76 crore for the quarter ended June 2019 against ₹2924.99 crore for the same quarter last year.

There was an uptick in provisioning for bad loans and contingencies at ₹3,814.58 crore for April-june FY20 against ₹3,337.70 crore in the year-ago period.

However, the asset quality showed improvement with the gross non-performing assets (NPAS) standing at 5.25% of the gross advances as on June 30, 2019, down from 6.52% as on June 30, 2018.

Net NPAS or bad loans were at 2.04% from 3.09% a year ago. On a consolidated basis, the net profit jumped by 75% to ₹1,262.98 crore as against ₹722.23 crore year ago.

Axis Bank scrip closed at ₹706.55 on BSE, down 1.82% from its previous close.