Axis Bank Reports Loss of Rs 112 crore in September-Quarter

New Delhi, October 22, 2019:

Hurt by one-off DTA (deferred tax assets) adjustment of Rs Rs 2,138 crore, Axis Bank on Tuesday reported a net loss of Rs 112 crore in the September-quarter.

Last year, it had posted a net profit of Rs 790 crore in the corresponding quarter.

Profit before tax for Q2FY20 stood at Rs 2,433 crore, up 109 per cent year-on-year (YoY). The operating profit for Q2FY20 grew 45 per cent YoY to Rs 5,952 crore.

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Bank’s Net Interest Income (NII) grew 17 per cent YoY to Rs 6,102 crore. The net interest margin was highest in the last 9 quarters at 3.51 per cent

For the September quarter, the Gross NPA and Net NPA ratios for Axis Bank stood at 5.03 per cent and 1.99 per cent, respectively, compared with 5.25 per cent and 2.04 per cent in the June quarter.

The total provisions for the quarter stood at Rs 3,518 crore. Specific loan loss provisions for Q2 were at Rs 2,701 crore, compared with Rs 2,686 crore in Q2 last year and Rs 2,886 crore in Q1FY20.

The bank said slippages increased during the quarter under review to Rs 4,983 crore from Rs 4,798 crore in Q1FY20 and Rs 2,777 crore in the same quarter last year.

Gross corporate slippages for the quarter came in at Rs 2,862 crore.

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