Axis Bank Q3 net plunges 73% to Rs 580 cr

Axis Bank's loan portfolio quality deteriorated, with gross NPAs rising to 5.22% of gross advances

A sharp drop in Axis Bank’s net profit for the December quarter due to higher provisions for bad loans overshadowed better perfomance by Federal Bank, YES Bank and Lakshmi Vilas Bank. The Mumbai-based private lender’s net profit dipped 73 per cent to Rs 580 crore, from Rs 2,175 crore a year before.

Federal Bank, YES Bank and Lakshmi Vilas Bank on Thursday reported 26-70 per cent rise in net profit for the December quarter.

Axis Bank’s loan portfolio quality deteriorated, with gross non-performing assets (NPAs) rising to 5.22 per cent of gross advances; this was 1.68 per cent at end-December