Axis Bank Q4 net loss at Rs 1387.78 crore

Axis Bank Q4 net loss at Rs 1387.78 crore

Agency News

Mumbai, Apr 28: Private sector lender has reported a net loss of Rs 1387.78 crore for the quarter ended March 31 as against net profit of Rs 1505.06 crore in the same quarter last year. The profitability was impacted largely due to spike in provisions, but higher other income and NII limited the loss.

However, total income for the quarter ended March 31, 2020 grew by 10.34 pc to Rs 20219.57 crore against total income of Rs 18324.31 criteria. Net interest income rose 19.3 per cent to Rs 6,808 crore as against Rs 5,706 crore, YoY. Net interest margin came in at 3.55 per cent as compared to 3.57 in the previous quarter. Advances grew 15 per cent YoY to Rs 5,71,424 crore as on March, while retail loans rose 24 per cent YoY to Rs 3,05,400 crore (which accounted for 53 per cent of the net advances) and corporate loan book growth at 11 per cent YoY to Rs 2,04,103 crore.

Eighty-three per cent of corporate book is now rated A and above with 95 per cent of incremental sanctions in FY20 being to corporates rated A- and above, said the bank. Total deposits on quarterly average basis grew by 19 per cent and 17 per cent YoY on period end basis, it added. On the asset quality front, gross non-performing loans as a percentage of gross advances dropped 14 bps sequentially to 4.86 per cent in Q4FY20, and net NPAs declined 53 bps QoQ to 1.56 per cent in March ended quarter. Provisions and contingencies during the quarter stood at Rs 7,730.02 crore, increasing significantly by 185.1 per cent year-on-year and 122.7 per cent quarter-on-quarter.

The bank said it made other provisions aggregating Rs 3,526 crore in Q4FY20 of which Rs 3,000 crore is towards COVID-19.(UNI)