Axis Bank posts Q4 loss at Rs 1,388 crore as provisions nearly treble

Mumbai (Maharashtra) [India], April 28 (ANI): Private sector lender Axis Bank on Tuesday reported a loss of Rs 1,388 crore for the quarter ended March (Q4 FY20) compared to a profit of Rs 1,505 crore in the corresponding period of last year (Q4 FY19).
It had reported a profit of Rs 1,757 crore in the October to December quarter (Q3 FY20).
The net interest income in Q4 FY20 grew by 19 per cent year-on-year to Rs 6,808 crore while operating profit was up by 17 per cent to Rs 5,851 crore.
On the asset quality front, gross non-performing loans as a percentage of gross advances dropped to 4.86 per cent in Q4 FY20 and net NPAs declined to 1.56 per cent in the quarter ended March.
Provisions and contingencies during the quarter stood at Rs 7,730 crore, increasing significantly from Rs 2,711 crore year-on-year and Rs 3,471 crore quarter-on-quarter.
For the entire year 2019-20, the net profit was Rs 1,627 crore compared to Rs 4,677 crore in the year ended March 2019. Adjusted for the one-offs, net profit for FY20 would have been Rs 5,182 crore. up 11 per cent year-on-year, the lender said.
The net interest income in FY20 grew by 16 per cent year-on-year to Rs 25,206 crore.
As on March 31, the bank's gross NPAs stood at Rs 30,234 crore and net NPAs at Rs 9,360 crore. The bank's provision coverage as a proportion of gross NPAs stood at 69 per cent.
Managing Director and CEO Amitabh Chaudhry said the COVID-19 crisis is a long drawn one and it will need courage, grit and a fighting spirit to combat it.
"We believe in learning from all adversaries. For example, the lock-down has taught us how work-from-home (WFH) can be more productive and convenient. We will keep learning and pushing our limits to emerge stronger as an organisation," he said in a statement. (ANI)