Axis Bank Q1 net profit up 18.3%; bad loans rise

Axis Bank, India’s third largest private sector lender, on Tuesday posted a lower-than-expected net profit of Rs 1666.76 crore, up 18.3% on year for the quarter ended 30 June. A CNBC-TV18 poll had estimated the net profit at Rs 1,703 crore.

Total income of the bank stood at Rs 9980.47 crore, up 10.2 percent on year, according to a release to stock exchanges.

Gross non-performing assets (NPAs) of the bank stood at 1.34 percent of total loans, up from 1.10 percent in the year-ago period, while the net NPA rose to 0.44 percent.

Total provisions of the bank stood at Rs 386.60 crore, down a sharp 46 percent from the year-ago period.

ING Vysya Bank, meanwhile, reported a net profit of Rs 143.40 crore, down 18 percent on year.

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Shares of Axis Bank ended 0.3 percent down and ING Vysya 1.2 percent today on the BSE. The benchmark Sensex ended at 26,025.80, up 1.21 percent.

On Monday, HDFC Bank posted a 21% jump in its net profit for the quarter ended 30 June, even though the profit numbers lagged estimates.

The lender posted a profit of Rs2,233 crore in the June quarter from Rs1,844 crore a year earlier.

Gross non-performing assets (NPA) of the bank, during the quarter stood at 1.07% of the total loans in the June quarter, marginally higher than 1.04% in the year-ago quarter.

The amount of restructured loans on the books too remained at about the same level, about 0.2% of total loans, during the quarter.