Axis Bank Reports Profit Of Rs 1,505 Crore In March Quarter

Axis Bank on Thursday reported a net profit of Rs 1,505.06 crore for the quarter ended March 31, as against a net loss of Rs 2,188.74 crore for the corresponding period a year ago. In a regulatory filing, Axis Bank said its total income from operations stood at Rs 18,324.31 crore for the fourth quarter of financial year 2018-19, up 25.86 per cent compared to Rs 14,559.85 crore for the quarter ended March 31, 2018.

Axis Bank said its operating profit stood at Rs 5,014 crore in the fourth quarter of financial year 2018-19, marking a growth of 37 per cent compared to the year-ago period.

Its net interest income (NII) grew 21 per cent to Rs 5,706 crore, from Rs 4,730 crore in the quarter ended March 31, 2018. The private sector lender said its net interest margin (NIM) - a gauge of profitability - stood at 3.44 per cent.

Axis Bank's gross non-performing loans fell to 5.26 per cent of total loans at the end of March from 5.75 per cent in the previous quarter, and were lower than 6.77 per cent a year earlier. The gross non-performing assets and net non-performing assets fell for the fourth quarter in a row, according to the regulatory filing.

For the year ended March 31, Axis Bank said its net profit came in at Rs 4,677 crore, as against Rs 276 crore in FY18.

Axis Bank shares closed 1.53 per cent lower at Rs 741.30 apiece on the NSE, as against a 0.7 per cent fall in the Nifty, ahead of the earnings announcement by the private sector lender.