Mumbai: Lender Axis Bank on Thursday reported a rise of 95 per cent in its net profit for the first quarter (Q1) of 2019-20 on a year-on-year basis.
The stocks of the bank, however took a beating. On the Bombay Stock Exchange, stocks of Axis Bank traded to a low of Rs 664.15 during pre-opening session. At the time of writing this story, the stock was down by 38.80 points or 5.49 percent during intra-day trading on Wednesday. The stock was trading at a price of Rs 669 per share.
The net profit for the period under review rose to Rs 1,370 crore from Rs 701 crore for the corresponding period of previous fiscal.
The bank's net interest income (NII) zoomed by 13 per cent to Rs 5,844 crore during the quarter under review from Rs 5,167 crore earned during the corresponding quarter of the previous year.
Further, the bank said that it has recognised slippages of Rs 4,798 crore during Q1FY20, compared to Rs 3,012 crore in Q4FY19 and Rs 4,337 crore in Q1FY 19.
"Recoveries and upgrades from NPAs during the quarter were Rs 2,177 crore while write-offs were Rs 3,005 crore," the bank said in a statement.
"Consequently, net slippages for the quarter stood at Rs 2,621 crore compared to Rs 636 crore in Q4FY19 and Rs 1,420 crore in Q1FY19. Net slippages (before write-offs) in retail and SME stood at Rs 889 crore and Rs 414 crore respectively."
With Agency inputs from IANS
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