Business

Axis Bank reports Q2 loss of Rs 112 crore due to one-time tax impact

ANI | October 22, 2019 05:47 PM
The bank has a network of 4,284 domestic branches and 12,191 ATMs across the country

Mumbai (Maharashtra) [India], Oct 22 (ANI): Private lender Axis Bank on Tuesday reported a net loss of Rs 112 crore on a for the second quarter of current fiscal due to a one-time tax impact compared to a net profit of Rs 790 crore in the corresponding July to September quarter of previous fiscal.

"The net loss was driven by a one-time tax impact of Rs 2,138 crore due to changes in the corporate tax rate. Ex of this extraordinary item, profit after tax would have been Rs 2,026 crore, up 157 per cent year-on-year," it said in a statement.

Profit before tax for Q2 FY20 stood at Rs 2,433 crore, up 109 per cent year-on-year. The bank's total income rose to Rs 19,334 crore in Q2 of FY20 from Rs 15,959 crore in Q2 FY19.

Net interest income grew by 17 per cent to Rs 6,102 crore from Rs 5,232 crore in Q2 FY19 while net interest margin for Q2 FY20 stood at 3.5 per cent.

The bank showed improvement in asset quality with gross non-performing assets (NPAs) falling to 5.03 per cent of gross advances at September-end from 5.96 per cent a year ago. Net NPAs stood at 1.99 per cent as against 2.54 per cent a year ago.

Provision coverage ratio improved to 79 per cent from 78 per cent. The bank also holds Rs 2,600 crore of provisions towards various contingencies.

Loan book grew by Rs 24,318 crore quarter-on-quarter, marking the largest growth in the last eight quarters. While domestic loan growth stood at 19 per cent year-on-year, retail loan book grew 23 per cent. Retail advances are now 52 per cent of the bank's total advances.

The bank's balance sheet grew 11 per cent year-on-year and stood at Rs 8.09 lakh crore as on September 30.

Axis Bank is the third largest private sector bank in India. It offers a vast spectrum of services to customer segments covering large and mid-corporates, small and medium enterprises, agriculture and retail businesses.

(ANI)

Have something to say? Post your comment
Must Read
Punjab Governor greets people on Parkash Utsav of Sri Guru Nanak Dev Ji
Punjab Governor greets people on Parkash Utsav of Sri Guru Nanak Dev Ji
Awareness meeting Organized By D.C Tarn Taran on Stubble Burn
Awareness meeting Organized By D.C Tarn Taran on Stubble Burn
District Level Programs begins to celebrate Guru Nanak Dev Ji Parkash Purb
District Level Programs begins to celebrate Guru Nanak Dev Ji Parkash Purb
4 major issues drowned Education sector of Punjab: Dr. Anshu Kataria
4 major issues drowned Education sector of Punjab: Dr. Anshu Kataria
People welcome 'Cavalcade of Universal Oneness' with open arms
People welcome 'Cavalcade of Universal Oneness' with open arms
Motorcyclist dies on collision with truck
Motorcyclist dies on collision with truck
Students of Aryans Institute of Nursing visits Old age home & Handicapped Institute
Students of Aryans Institute of Nursing visits Old age home & Handicapped Institute
Cheema appeals PM Modi for construction of NH connecting Sultanpur Lodhi with Ludhiana-Amritsar
Cheema appeals PM Modi for construction of NH connecting Sultanpur Lodhi with Ludhiana-Amritsar
Installation of new Solar Power Plant at GMCH Sec.32 to reduce electricity bill by approximately Rs.36 lakhs annually
Installation of new Solar Power Plant at GMCH Sec.32 to reduce electricity bill by approximately Rs.36 lakhs annually
Punjab government to dedicate all the events of November 9 to Babe Nanaki
Punjab government to dedicate all the events of November 9 to Babe Nanaki
Chandigarh Air quality going down after Dussehra & Diwali reported by CPCC (Chandigarh Pollution Control Board)
Chandigarh Air quality going down after Dussehra & Diwali reported by CPCC (Chandigarh Pollution Control Board)
CT Schools mark 550th Birth Anniversary of Guru Nanak
CT Schools mark 550th Birth Anniversary of Guru Nanak