Axis Bank Q2 profit sinks 83% to Rs 319 cr, provisions up 5-fold
India’s third biggest private lender Axis Bank on Tuesday reported a highly disappointing set of numbers for the September quarter on a sharp rise in bad loans, as profit after tax fell 83 per cent to Rs 319 crore.
The private lender had reported a PAT of Rs 1,915.60 crore for the same quarter a year ago.
Bad loan provisions for the quarter rose to Rs 3,623 crore compared with Rs 707 crore in the year-ago period. Net interest income for the quarter fell to Rs 4,514 crore. Net interest margin slipped to 3.64 per cent from 3.79 per cent reported for the year-ago period.
