Axis Bank on Friday reported over 21% decline in the net profit for the first quarter (Q1) ended on June 30, 2016.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Axis Bank, India's third largest private sector bank, posted 21.38% fall in net profit to Rs 1,555,53 lakh for the April-June quarter of the fiscal year 2016-17 (FY17) as against Rs 1,978,44 lakh in the April-June quarter of the fiscal year 2015-16 (FY16), the bank said in a filing to the Bombay Stock Exchange (BSE). 

The bank's total income from operations in Q1 FY17 surged by 13.22% to Rs 13,852,18 lakh as compared to Rs 12,234,41 lakh in Q1 FY16.

Its total operating expenses during the quarter under review rose by 23.13% to Rs 2,785,83 lakh as against Rs 2,262,43 lakh in the corresponding quarter of the previous fiscal.

Axis Bank's gross non-performing assets (GNPAs) ratio during the quarter was up 2.54% as against 1.38% in the same quarter of last fiscal. 

The bank's net non-performing assets (NPAs) ratio in Q1 FY17 was up 1.08% as compared to 0.48% in Q1 FY16. 

Its total interest earned during the April-June quarter of FY17 increased by 11.85% to Rs 11,113.90 lakh as against Rs 9,936,14 lakh in the April-June quarter of FY16. 

The stock of Axis Bank on Friday closed down 0.13% or Rs 0.70 at Rs 537.55 on the BSE.