Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  Axis Bank shares fall nearly 2% as Q4 profit slips
BackBack

Axis Bank shares fall nearly 2% as Q4 profit slips

Even after a positive start, Axis Bank shares failed to hold on to the momentum and later went down by 2.19% to ₹505.95 on BSE

At NSE, Axis Bank shares dipped 2.19% to Rs 505.95 on BSE. Photo: MintPremium
At NSE, Axis Bank shares dipped 2.19% to Rs 505.95 on BSE. Photo: Mint

New Delhi: Shares of Axis Bank on Thursday fell nearly 2% after the company reported 43% decline in net profit for the fourth quarter of last fiscal ended 31 March.

Even after a positive start, shares of the company failed to hold on to the momentum and later went down by nearly 3% on BSE. The scrip, however, closed down 2.19% at Rs505.95 on BSE.

On NSE, shares of the company dipped 1.72% to Rs508.25.

Axis Bank, on Wednesday, reported a 43% decline in net profit to Rs1,225.10 crore for the fourth quarter of 2016-17 on sharp rise in provisioning for bad loans.

The country’s third largest private sector lender had posted a net profit of Rs2,154.28 crore for the January-March quarter of the previous fiscal, 2015-16. Its total income increased, however, to Rs14,181.31 crore in the fourth quarter of 2016-17 as against Rs13,592.97 crore in the year-ago period.

The bank’s gross non-performing assets (NPAs), or bad loans, rose significantly to 5.04% of the gross advances as of March this year, as against 1.67% a year earlier. Net NPAs were 2.11% of the net advances during the quarter, as against 0.70%.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 Apr 2017, 01:52 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App