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.