Axis Bank Q1 profit falls 19% at Rs 1,112 crore
New Delhi: Axis Bank on Tuesday reported 19 per cent decline in standalone internet revenue at Rs 1,112 crore for June quarter of the present monetary yr.
The third largest personal sector financial institution posted a internet revenue of Rs 1,370 crore for April-June, 2019-20.
Total revenue was nearly flat at Rs 19,125.57 crore through the quarter beneath evaluation, Axis Bank mentioned in a regulatory submitting.
There was an uptick in provisions for dangerous loans and contingencies at Rs 4,416.42 crore for April-June, 2020-21 as towards Rs 3,814.58 crore within the year-ago interval.
However, the asset high quality confirmed enchancment with gross non-performing belongings (NPAs) declining at 4.72 per cent of gross advances as on June 30, 2020, from 5.25 per cent as at June-end final yr. Net NPAs additionally fell to 1.23 per cent from 2.04 per cent a yr in the past.
“During the quarter, the bank introduced incremental provisioning on such exposures based on a time scale and on occurrence of predefined events. As a result, provisions and contingencies for the quarter ended June 30 are higher by about Rs 144 crore with a consequent reduction to the profit before tax,” it mentioned.
On consolidated foundation, the web revenue of the financial institution declined by 12 per cent to Rs 1,108.10 crore within the first quarter as towards Rs 1,262.98 crore in the identical interval a yr in the past.
Total revenue stood at Rs 19,461.77 crore as towards Rs 19,409.09 crore.
During the quarter, the financial institution’s Net Interest Income (NII) grew 20 per cent to Rs 6,985 crore from Rs 5,844 crore in the identical interval a yr in the past. Net curiosity margin of the financial institution stood at 3.40 per cent.
The financial institution has acknowledged slippages of Rs 2,218 crore as in comparison with Rs 4,798 crore within the first quarter of the earlier fiscal.?
“Slippages from the loan book were at Rs 2,011 crore and that from investment exposures stood at Rs 207 crore. Corporate slippages stood at Rs 1,355 crore. Recoveries and upgrades from NPAs during the quarter were Rs 608 crore while write-offs were Rs 2,284 crore,” it mentioned.
Axis Bank Managing Director Amitabh Chaudhry mentioned, ?the disruption brought on by the pandemic has led to immense financial and social impediments, nevertheless, it has additionally led to improvements throughout the trade.”
The extent to which the COVID-19 pandemic will affect the financial institution’s operations and asset high quality will rely on the longer term developments, that are extremely unsure, together with amongst different issues any new info in regards to the severity of COVID-19 and any motion to comprise its unfold or mitigate its affect whether or not authorities mandated or elected by the financial institution, the submitting mentioned.
On the proposed three way partnership between Max Financial Services and Axis Bank, it mentioned, the definitive settlement to grow to be three way partnership companions in Max Life Insurance Company Ltd was signed through the quarter on April 28.
Since then, the events have approached the regulators for approval of the transaction and consider that the deal continues to be on observe, it mentioned.
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