New Delhi: On Tuesday Axis Bank posted a 16% decline in its net profit for the April-June quarter ended. Though the nation’s third-biggest non-state lender strike estimate of Rs 1,282 crore and reported a net profit of Rs 1,306 crore.
The bank’s gross non-performing loans ratio stood at 5.03%, as next to 5.04% in March for the April-June quarter. It wrote off Rs 2,462 crore loans in this quarter.
Referring decrease in net profit in the past quarters, Axis Bank finance Chief Jairam Sridharan has also further conveyed that, I feel good regarding the turnaround gathering a lot of force.
The bank’s expansion was influenced by superior provisions, augmented credit costs and inferior operating income.
Reports further stated that, Axis Bank also retained its provisioning cost guidance of 175 basis points to 225 basis points for the present financial year.
Though Sridharan conveyed that they hope to bring it downward in the subsequently year to about 94 basis points.