New Delhi: Private sector Axis Bank on Thursday reported a net loss of Rs 2,188.74 crore for the quarter ended March 2018 due to higher provisioning for bad loans.
The bank had, however, registered a net profit of Rs 1,225.10 crore in the same quarter of fiscal ended March 2017. The lender substantially raised its provisioning to cover for bad loans and contingencies during the quarter to Rs 7,179.53 crore, while it had parked aside Rs 2,581.25 crore in the same quarter a year ago, it said in a regulatory filing.
Total income of the bank during January-March 2018 stood at Rs 14,559.85 crore, slightly up from Rs 14,181.31 crore earned in the same period of 2016-17.
Also for the entire fiscal 2017-18, the bank's a net profit fell by 92.5 per cent to Rs 275.68 crore.
It had a net profit of Rs 3,679.28 crore in fiscal ended March 2017. Total income during the fiscal increased to Rs 56,747.40 crore, from Rs 56,233.47 crore.
On asset front, the gross non-performing assets (NPAs) stood at 6.77 per cent of the gross advances by end of March 2018 as against 5.04 per cent in year-ago period. In absolute terms, gross NPAs were Rs 34,248.64 crore as on March 31, 2018, up from Rs 21,280.48 crore as on end-March 2017.
Net NPAs or bad loans percentage stood at 3.40 per cent (Rs 16,591.71 crore) from 2.11 per cent (Rs 8,626.55 crore). The Net Interest Income (NII) in the fourth quarter of the last fiscal was flat at Rs 4,730 crore, the bank said. Axis Bank's shares ended at Rs 494.55 apiece on the BSE, down 0.77 per cent over yesterday's close.
