Axis Bank Q1 standalone net jumps 95pc to Rs 1370cr

Axis Bank on Tuesday reported a 95.4 per cent jump in standalone net profit to Rs 1,370.08 crore for the first quarter of 2019-20 aided by a healthy rise in income.

The bank had posted a net profit of Rs 701.09 crore in the April-June quarter of the previous fiscal year.

Total income (standalone) rose to Rs 19,123.71 crore for the June quarter of 2019-20 from Rs 15,702.01 crore in the year ago period, Axis Bank said in a regulatory filing.

There was an uptick in provisioning for bad loans and contingencies at Rs 3,814.58 crore for April-June 2019-20 against Rs 3,337.70 crore in the year-ago period.

However, the asset quality showed improvement with the gross non-performing assets (NPAs) standing at 5.25 per cent of the gross advances as on June 30, 2019, down from 6.52 per cent as on June 30, 2018.

Net NPAs or bad loans were at Rs 2.04 per cent from 3.09 per cent a year ago.

On a consolidated basis, the net profit jumped by 75 per cent to Rs 1,262.98 crore as against Rs 722.23 crore year ago. Income increased to Rs 19,409.09 crore as against Rs 16,126.05 crore.

Axis Bank scrip closed at Rs 706.55 on BSE, down 1.82 per cent from previous close.