Axis Bank posts standalone loss of Rs 112 cr in Q2 on one-time tax impact

Axis Bank on Tuesday reported a net loss of Rs 112.08 crore on a standalone basis for the second quarter ended September of the current fiscal due to a one-time tax impact.

The private sector bank had posted a net profit of Rs 789.61 crore in the corresponding July-September quarter of the previous fiscal.

The net loss of Rs 112 crore for the quarter was driven by a one-time tax impact of Rs 2,138 crore due to changes in corporate tax rate, the bank said.

Minus this extraordinary item, PAT (profit after tax) would have been Rs 2,026 crore, up 157 per cent