Axis Bank shares fall over 6% after lender reports Rs 1,388 cr net loss in January-March quarter

Shares of Axis Bank on Wednesday dropped over 6 percent in early trade after the company reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20

Press Trust of India April 29, 2020 12:17:51 IST
Axis Bank shares fall over 6% after lender reports Rs 1,388 cr net loss in January-March quarter

New Delhi: Shares of Axis Bank on Wednesday dropped over 6 percent in early trade after the company reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20.

The scrip declined 6.15 percent to Rs 427.50 at the BSE.

At the National Stock Exchange (NSE), it fell 6.47 percent to Rs 425.95.

Axis Bank shares fall over 6 after lender reports Rs 1388 cr net loss in JanuaryMarch quarter

Logo of Axis Bank . Reuters

Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for the March quarter of 2019-20 as provisioning for bad loans and contingencies soared.

The private sector lender had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year.

Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing.

Click here to follow LIVE news and updates on stock markets

Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore.

On a consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period.

Gross non-performing assets (NPAs) fell to 4.86 percent of the gross advances as on 31 March, 2020 from 5.26 percent in the year-ago period.

Updated Date:

also read

Tokyo Olympics 2020: Uganda team member tests COVID-19 positive on arrival in Japan
Sports

Tokyo Olympics 2020: Uganda team member tests COVID-19 positive on arrival in Japan

Critics have raised serious question about the risks of holding the Olympics amid a pandemic. But the IOC, Tokyo organisers and Japanese government insist the Games can be held safely.

Amid the COVID-19 pandemic, deaths among Black Americans soar due to opioid addiction crisis
long reads

Amid the COVID-19 pandemic, deaths among Black Americans soar due to opioid addiction crisis

The portrait of the opioid epidemic has long been painted as a rural white affliction, but the demographics have been shifting for years as deaths surged among Black Americans. The pandemic hastened the trend by further flooding the streets with fentanyl, a potent synthetic opioid, in communities with scant resources to deal with addiction.

Copa America's fate rests in hands of Brazil Supreme Court amid surge in country's COVID-19 cases
Sports

Copa America's fate rests in hands of Brazil Supreme Court amid surge in country's COVID-19 cases

Already delayed by 12 months because of the pandemic, the Copa America nearly unravelled when original co-hosts Colombia and Argentina fell through at the last minute — the former because of violent anti-government protests, the latter because of a surge of COVID-19.