Axis Bank on Tuesday posted 95.42% YoY rise in net profit at ₹1370.08 crore for the quarter ended June on the back of higher net interest income and other income. It had reported a net profit of ₹701.09 crore in the corresponding quarter last year.
Profit was lower than Bloomberg poll of 22 analysts which estimated ₹1855 crore for the June quarter.
Other income rose 32.27% to ₹3868.76 crore for the quarter ended June 2019 against ₹2924.99 crore for the same quarter last year.
Net interest income or the difference between interest earned on loans and that paid on deposits, of the bank increased 13.10% YoY to ₹5843.65 crore for the quarter ended June 2019 against ₹5166.80 crore in the corresponding quarter last year.
Provisions increased 14.29% on a year-on-year basis to ₹3,814.58 crore in Q1FY20 over ₹3337.70 crore in Q1FY18. They had set aside ₹2711.43 crore for the Jan-Mar quarter.
Asset quality of the lender improved during the quarter with percentage of gross non-performing assets coming in at 5.25% against 5.26% on a quarter-on-quarter basis. Percentage of net NPA declined to 2.04% from 2.06% on QoQ basis.
Shares of Axis Bank lost 1.82% to close at ₹706.55 a piece, while the benchmark index, Sensex lost 0.77% to close at 37397.24 points.