Axis Bank dips up to 7% on lower-than-expected PAT, higher provisions in Q1

The Bank's slippages were Rs 4,798 crore during Q1FY20, compared to Rs 3,012 crore in Q4FY19 and Rs 4,337 crore in Q1FY19

Axis Bank slipped up to 7 per cent to trade at Rs 658 apiece in the morning deals on the NSE on Wednesday after the bank reported lower than expected net profit of Rs 1,370 crore in June quarter (Q1FY20), largely because of elevated provisioning.

The Bank's gross non-perfforming assets (NPA) ratio in the recently concluded quarter remained sticky at 5.25 per cent, not materially different from the previous quarter level of 5.26 per cent  The GNPA came in at Rs 29,405 crore, down 1.2 per cent quarter-on-quarter, from Rs 29,789 crore in the March quarter of 2019. 

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