Axis Bank Q3 net profit drops 36 pc to Rs 1,117 cr

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New Delhi, Jan 27 (PTI) Private sector lender Axis Bank on Wednesday reported a 36.4 per cent decline in standalone net profit to Rs 1,116.60 crore for the third quarter ended December 2020.

The bank had posted a net profit of Rs 1,757 crore in the corresponding period of the previous fiscal.

Total income during the quarter under review slipped to Rs 19,274.39 crore as against Rs 19,494.87 crore in the year-ago period, Axis Bank said in a regulatory filing.

'Reported profits after tax for the quarter are adversely impacted to the extent of Rs 1,050 crores on account of prudent expenses and provisioning charges during the quarter,' it said.

However, the gross non-performing assets (NPAs) eased to 3.44 per cent of the gross advances, from 5 per cent a year ago.

Net NPAs also improved to 0.74 per cent of the net advances as on December 31, 2020, from 2.09 per cent by the end of December 2019.

In value terms, the gross NPAs reduced to Rs 21,997.90 crore in the December quarter as against Rs 30,073.02 crore in the same period of the previous year. Net bad loans stood at Rs 4,609.83 crore as compared to Rs 12,160.28 crore earlier.

Provisions (other than tax) and contingencies during the period increased to Rs 4,604.28 crore, from Rs 3,470.92 crore in the same quarter a year ago. PTI DP ABM ABM