Private sector lender Axis Bank Ltd on Thursday said net profit for the December quarter fell 73.4% from a year ago as provisions soared.
Net profit for the quarter stood at Rs579.57 crore as compared to Rs2175.30 crore a year ago. A Bloomberg poll of 22 analysts had forecast a net profit of Rs830.30 crore.
Net interest income (NII) or the core income a bank earns by giving loans increased just 4.12% to Rs4,333.73 crore from Rs4,162.06 crore last year. Other income jumped 45.45% to Rs3,400.21 crore from Rs2,337.78 crore in the same period last year.
Provisions and contingencies rose 4.78% to Rs3,795.80 crore in the quarter from Rs3,622.74 crore a quarter ago. On a year-on-year basis, it surged 433% from Rs712.59 crore.
Gross NPAs rose 220.9% to Rs2,0466.82 crore at the end of the December quarter from Rs6,378.65 crore in the September quarter. On a year-on-year basis, it jumped 257.56% from Rs5,724.05 crore.
As a percentage of total loans, gross NPAs stood at 5.22% at the end of the December quarter as compared to 4.17% in the previous quarter and 1.68% in the year-ago quarter.
Net NPAs were at 2.18% in the December quarter compared to 2.02% in the previous quarter and 0.75% in the same quarter last year.
Deposits rose 9.6% to Rs3.71 trillion while advances rose 10.1% to Rs3.47 trillion.
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