Axis Bank Q4 profit at Rs 1,505 crore on lower provisioning, higher income

The bank's provisioning for bad loans reduced to Rs 2,711 crore in the fourth quarter of 2018-19, from Rs 7,179 crore in the corresponding period last fiscal.

Published: 26th April 2019 01:20 AM  |   Last Updated: 26th April 2019 01:20 AM   |  A+A-

Axis Bank

The logo of Axis Bank is seen on an advertisement at its branch in Mumbai, India (File Photo | Reuters)

By PTI

NEW DELHI: Private lender Axis Bank Thursday reported a net profit of Rs 1,505 crore for the March quarter of 2018-19, driven by a significant decline in provisioning and higher interest income.

The bank had a net loss of Rs 2,188 crore in the January-March quarter of 2017-18.

Gross non-performing assets (NPAs) as a percentage of loans declined to 5.26 per cent in the March quarter of 2018-19, from 6.77 per cent in the same period in the previous fiscal, Axis Bank said in a filing to the BSE.

The bank's provisioning for bad loans reduced to Rs 2,711 crore in the fourth quarter of 2018-19, from Rs 7,179 crore in the corresponding period last fiscal.

Interest income jumped to Rs 14,798 crore during the fourth quarter of 2018-19, from Rs 11,771 crore in the year-ago period.

For the full fiscal 2018-19, Axis Bank reported a net profit of Rs 4,677 crore, up from Rs 276 crore in 2017-18.

The board of Axis Bank approved a dividend of Re 1 per equity share of Rs 2 each.

Shares of Axis Bank closed at Rs 744.45, down 1.08 per cent over the previous close on the BSE.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp