Axis Bank Q1 net profit rises 95% to ?1370 crore, asset quality remains stable

MUMBAI: Axis Bank on Tuesday posted 95.42% YoY rise in net profit at ?1370.08 crore for the quarter ended June on the back of higher net interest income and other income. It had reported a net profit of ?701.09 crore in the corresponding quarter last year.

Profit was lower than Bloomberg poll of 22 analysts which estimated ?1855 crore for the June quarter.

Other income rose 32.27% to ?3868.76 crore for the quarter ended June 2019 against ?2924.99 crore for the same quarter last year.

Net interest income or the difference between interest earned on loans and that paid on deposits, of the bank increased 13.10% YoY to ?5843.65 crore for the quarter ended June 2019 against ?5166.80 crore in the corresponding quarter last year.

Provisions increased 14.29% on a year-on-year basis to ?3,814.58 crore in Q1FY20 over ?3337.70 crore in Q1FY18. They had set aside ?2711.43 crore for the Jan-Mar quarter.

Asset quality of the lender improved during the quarter with percentage of gross non-performing assets coming in at 5.25% against 5.26% on a quarter-on-quarter basis. Percentage of net NPA declined to 2.04% from 2.06% on QoQ basis.

Shares of Axis Bank lost 1.82% to close at ?706.55 a piece, while the benchmark index, Sensex lost 0.77% to close at 37397.24 points.

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