ADVERTISEMENT

Axis Bank Loss At Rs 112 Crore In September Quarter

Axis Bank Loss At Rs 112 Crore In September Quarter

Axis Bank on Tuesday reported a net loss of Rs 112.08 crore for the quarter ended September 30, surprising analysts. The private sector bank had reported a net profit of Rs 789.61 crore for the corresponding period a year ago. Its net interest income (NII) - the difference between interest earned and interest expended - stood at Rs 6,101.83 crore in the second quarter of current financial year, as against Rs 5,232.11 crore in the year-ago period.

Nineteen analysts had on an average expected a profit of Rs 1,151 crore in the July-September period, news agency Reuters reported citing Refinitiv data.

Its tax expense rose 6.75 times to Rs 2,545.27 crore in the quarter ended September 30.

The bank said the rise in tax expenses was on account of a write-down of net deferred tax assets worth Rs 2,137.59 crore, which was fully charged to the profit and loss account. 

However, the bank's asset quality improved. Gross non-performing as a percentage of total loans stood at 5.03 per cent in the July-September period, as against 5.25 per cent in the previous quarter and 5.96 per cent in the quarter ended September 30, 2018.

Shares in Axis Bank ended 0.49 per cent higher at Rs 712.70 apiece on the BSE ahead of the earnings announcement, outperforming the benchmark Sensex index which fell 0.85 per cent breaking a six-day winning run.