Private lender Axis Bank today reported a 46 per cent decline in net profit to Rs 701.09 crore for the April-June quarter on account of increase in bad loans. The bank had registered a net profit of Rs 1,306 crore in the June quarter of 2017-18.
However, total income of the bank rose to Rs 15,702.01 crore during April-June quarter of the current fiscal, compared to Rs 14,052.30 crore in the year-ago period, Axis Bank said in a statement. The lender’s asset quality worsened as gross non-performing assets (NPAs) rose to 6.52 per cent as on June 30 this year, from 5.03 per cent on June 30, 2017.
Likewise, net NPAs or bad loans increased to 3.09 per cent of advances furnished by June-end from 2.30 per cent a year earlier. In absolute terms, gross NPAs rose at Rs 32,662.40 crore as on June 30, 2018 compared to Rs 22,030.87 crore a year earlier.