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Axis Bank reports Rs 1,878-crore pre-tax loss in Q4 on Covid-19 provisions

the bank reported a 17 per cent increase in its operating profit at Rs 5,851 crore in the March quarter

Axis Bank
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The bank has recognized additional slippages of Rs 3,920 crore in Q4FY20 and has provided almost Rs 1,700 crore for the slippages.

Subrata Panda Mumbai
Private sector lender Axis Bank on Tuesday reported a pre-tax loss of Rs 1,878.91 crore in the last quarter of this financial year (Q4FY20), against a pre-tax profit of Rs  2,303 crore in the year-ago quarter, on account of higher provisions made for Covid-19.
 
The bank recorded a net loss of Rs 1,388 crore in Q4FY20, compared to a net profit of Rs 1,505 crore in the same period last financial year.  However, the bank reported a 17 per cent increase in its operating profit to Rs 5,851 crore in the March quarter, from Rs 5,014.42 crore in the same