Axis Bank Q4 net loss at Rs 1,388 crore

Axis Bank Q4 net loss at Rs 1,388 crore

NEW DELHI: Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared.nnThe private sector lender had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year.nnIncome during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing.nnProvisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore.nnOn consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period.nnIncome increased to Rs 20,786.23 crore in the latest quarter from Rs 18,950.85 crore in the same period a year ago.nnGross non performing assets (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent by the year- ago same period.nnNet NPAs or bad loans too came down to 1.56 per cent from 2.06 per cent.nnThe bank said the extent to which the COVID-19 pandemic will impact the bank”s provision on assets will depend on the future developments, which are highly uncertain.nnAmong other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government mandated or elected by the bank, will also impact the provisions.nnIt said the pandemic has affected the world economy including that of India, leading to significant decline and volatility in financial markets and decline in economic activities.nnAxis Bank stock closed 6.61 per cent higher at Rs 455.55 on the BSE.nnSource: Press Trust of India

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