Axis Bank Q1 standalone net profit jumps 95% to Rs 1,370 cr; gross NPAs decline to 5.25%

New Delhi: Axis Bank on Tuesday reported a 95.4 percent jump in standalone net profit to Rs 1,370.08 crore for the first quarter of 2019-20 aided by a healthy rise in income.

The bank had posted a net profit of Rs 701.09 crore in the April-June quarter of the previous fiscal year.

Total income (standalone) rose to Rs 19,123.71 crore for the June quarter of 2019-20 from Rs 15,702.01 crore in the year-ago period, Axis Bank said in a regulatory filing.

 Axis Bank Q1 standalone net profit jumps 95% to Rs 1,370 cr; gross NPAs decline to 5.25%

Logo of Axis Bank . Reuters

There was an uptick in provisioning for bad loans and contingencies at Rs 3,814.58 crore for April-June 2019-20 against Rs 3,337.70 crore in the year-ago period.

However, the asset quality showed improvement with the gross non-performing assets (NPAs) standing at 5.25 percent of the gross advances as on 30 June, 2019, down from 6.52 percent as on 30 June, 2018.

Net NPAs or bad loans were at Rs 2.04 percent from 3.09 percent a year ago.

On a consolidated basis, the net profit jumped by 75 percent to Rs 1,262.98 crore as against Rs 722.23 crore year ago. Income increased to Rs 19,409.09 crore as against Rs 16,126.05 crore.

Axis Bank scrip closed at Rs 706.55 on BSE, down 1.82 percent from the previous close.

Updated Date: Jul 30, 2019 17:19:25 IST