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 slip nearly 3% on decline in Q1 profits
BackBack

Axis Bank shares slip nearly 3% on decline in Q1 profits

Axis Bank shares closed at Rs528.85, nearly 3% lower on BSE

Axis Bank reported 16.06% decline in net profit to Rs1,306 crore for the first quarter ended 30 June. Photo: BloombergPremium
Axis Bank reported 16.06% decline in net profit to Rs1,306 crore for the first quarter ended 30 June. Photo: Bloomberg

New Delhi: Shares of Axis Bank on Wednesday fell by nearly 3% after the company reported 16% decline in net profit for the first quarter ended 30 June.

The scrip closed at 528.85, 2.9% lower on BSE. At NSE, shares of the company slipped 3.32% to 26.85.

Private sector lender Axis Bank on Tuesday reported 16.06% decline in net profit to Rs1,306 crore for the first quarter ended 30 June, as bad loans almost doubled during the period.

The bank had registered a net profit of Rs1,556 crore in June quarter of 2016-17.

Revenues of the bank, however, rose to Rs14,052.30 crore during the said quarter compared to Rs13,852.18 crore in the year-ago period, Axis Bank said in a regulatory filing.

The lender’s asset quality worsened as gross non-performing assets (NPAs) almost doubled to 5.03% as on 30 June this year, from 2.54% on 30 June 2016.

Likewise, net NPAs or bad loans increased to 2.30% of net advances furnished by June-end from 1.08% a year earlier.

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: 26 Jul 2017, 01:12 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App