Friday, Jan 22, 2021 | Last Update : 07:01 PM IST

  Business   Economy  30 Jul 2018  Axis Bank Q1 profit slips 46 per cent to Rs 701 crore

Axis Bank Q1 profit slips 46 per cent to Rs 701 crore

PTI
Published : Jul 30, 2018, 7:19 pm IST
Updated : Jul 30, 2018, 7:19 pm IST

In absolute terms, gross NPAs rose at Rs 32,662.40 crore as on June 30, 2018 compared to Rs 22,030.87 crore a year earlier.

Private lender Axis Bank on Monday reported a 46 per cent decline in net profit to Rs 701.09 crore for the April-June quarter on account of increase in bad loans.
 Private lender Axis Bank on Monday reported a 46 per cent decline in net profit to Rs 701.09 crore for the April-June quarter on account of increase in bad loans.

New Delhi: Private lender Axis Bank on Monday reported a 46 per cent decline in net profit to Rs 701.09 crore for the April-June quarter on account of increase in bad loans.

The bank had registered a net profit of Rs 1,306 crore in the June quarter of 2017-18. However, total income of the bank rose to Rs 15,702.01 crore during April-June quarter of the current fiscal, compared to Rs 14,052.30 crore in the year-ago period, Axis Bank said in a statement.

 

The lender's asset quality worsened as gross non-performing assets (NPAs) rose to 6.52 per cent as on June 30 this year, from 5.03 per cent on June 30, 2017. Likewise, net NPAs or bad loans increased to 3.09 per cent of advances furnished by June-end from 2.30 per cent a year earlier.

In absolute terms, gross NPAs rose at Rs 32,662.40 crore as on June 30, 2018 compared to Rs 22,030.87 crore a year earlier.

Tags: axis bank, bad loans, net profit, non-performing assets
Location: India, Delhi, New Delhi