Axis Bank shares tank nearly 3 per cent after decline in Q1 net profit

New Delhi: Shares of Axis Bank today fell by nearly 3 per cent after the company reported 16 per cent decline in net profit for the first quarter ended June 30.

The scrip went down by 2.46 per cent to Rs 531.20 on BSE. At NSE, shares of the company slipped 2.66 per cent to Rs 530.40.

Private sector lender Axis Bank on Tuesday reported 16.06 per cent decline in net profit to Rs 1,306 crore for the first quarter ended June 30, as bad loans almost doubled during the period.

The bank had registered a net profit of Rs 1,556 crore in June quarter of 2016-17.

Revenues of the bank, however, rose to Rs 14,052.30 crore during the said quarter compared to Rs 13,852.18 crore in the year-ago period, Axis Bank said in a regulatory filing.

The lender's asset quality worsened as gross non-performing assets (NPAs) almost doubled to 5.03 per cent as on June 30 this year, from 2.54 per cent on June 30, 2016.

Likewise, net NPAs or bad loans increased to 2.30 per cent of net advances furnished by June-end from 1.08 per cent a year earlier.