Axis Bank falls as Q4 Profit Sinks
Shares of Axis Bank Ltd fall as much as 2.7 percent, top percent loser on NSE index. Axis Bank adds 48.1 billion rupees of bad loans to existing pile in March quarter, taking the total to 212.8 billion rupees ($3.32 billion).
The bank’s net interest income — the difference between interest earned and interest expended – however rose 3.87 percent to Rs 4,728.6 crore, thereby beating analysts’ expectations. Analysts had expected the bank to report a net profit of around Rs 920 crore for the March quarter.
The provisions and contingencies in Q4FY17 more than doubled to Rs 2,581 crore as against Rs 1,168 crore in same quarter last year.
Net slippage for the quarter stood at Rs 2,008 crores down from Rs 4,210 crores in Q3FY17, a presentation from the bank showed.