18 Jan 2020 | 8:53 PM

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COMPANYNEWS
Axis Bank posts Q2 net loss of Rs 112.08 cr
  Axis Bank Ltd. | 17 Jan 2020 | 10:51 AM
Published on 10-22-2019
The bank reported standalone net loss during the quarter stood at Rs 112.08 crore compared to net profit of Rs 789.61 crore in the previous year quarter. 


Interest income of the bank rose by 16.24 per cent at Rs 15437.80 crore for the quarter ended September 30 2019 as against Rs 13280.99 crore in the corresponding period last year.


During the July-September quarter total income rose substantially by 21.14 per cent to Rs 19333.57 crore from Rs 15959.37 crore in the year ago period.


Meanwhile operating expenses increased by 12.78 per cent to Rs 13381.99 crore from Rs 11865.37 crore in the same period last year.


Operating profit surged 45.37 per cent to Rs 5951.58 crore from Rs. 4094.00 crore.


Provisions and Contingencies surged by 20.19 per cent at Rs 3518.39 crore from Rs 2927.38 crore a year ago.


NII the difference between interest earned on loans and interest paid on deposits increased by 16.62 per cent at Rs 6101.83 crore versus Rs 5232.11 crore in the year ago period. Non-interest income rose 45.45 per cent year-on-year to Rs 3895.77 crore.


On the asset side gross non- performing assets (NPAs) fell to 5.03 per cent of the gross advances as at the end of September 30 2019 from a level of 5.96 per cent year earlier. Its net NPAs or bad loans too declined to 1.99 per cent of net advances on September 30 2019 from 2.54 per cent a year ago.