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
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%.
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