Axis Bank Q1 net profit down 16% to Rs 1,306 crore


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.

Hero MotoCorp Q1 net profit raises 3.5% to Rs 914 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.

Image result for Axis Bank Q1 net profit down 16% to Rs 1,306 crore

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.

Asian Paints net profit drops 20% YoY to Rs 441 crore in April-June

Though Sridharan conveyed that they hope to bring it downward in the subsequently year to about 94 basis points.