New Delhi, Business Desk. Axis Bank, the country’s third-largest private sector bank, reported a net loss of Rs 1,387.78 crore for the quarter ended March 2020. The bank had a net profit of Rs 1,505.06 crore in the same quarter last year. The bank has given this information to the stock markets. At the same time, Axis Bank had a net profit of Rs 1,757 crore in the December quarter. Increasing the provision in lieu of stranded debt has mainly affected the bank’s profits. In the last quarter of the financial year 2019-20, the bank recorded an increase of 19.3 per cent on an annual basis in net income from interest. Thus, the bank earned a net income of Rs 6,807.74 crore from interest in the March quarter.
Earlier, there was a very encouraging atmosphere on the stock markets of Axis Bank on Tuesday about the bank’s quarterly results. The bank’s one-share price on the NSE climbed 7.07% to close at Rs 457.50 on Tuesday. Earlier today, the bank had informed that it would acquire 29 per cent stake in Max Life Insurance. With this acquisition, the bank’s total stake in Max Life will be 30 percent.
In the quarter ended March 31, 2020, the loan given by the bank increased by 15 per cent year-on-year to Rs 5,71,424 crore. At the same time, retail loans increased by 24 percent on an annual basis to reach the figure of Rs 3,05,400 crore.
The bank’s gross non-performing assets (NPAs) declined to 4.86 per cent during the period from 5.26 per cent in the year-ago quarter. The bank’s stuck debt or net NPA has also decreased over this period. The bank’s net NPA has come down from 2.06 per cent to 1.56 per cent.
