Private sector lender, Axis Bank on Tuesday reported a loss of Rs 1387.78 crore for the quarter ended March 2020 on higher provisioning cost.In December quarter the lender had reported profit of Rs 1.757.00. However operating profit was seen slightly higher at Rs 5.851,11 compared to Rs 5.742.69 in the previous quarter.
The lender’s provisioning for contingencies stood at Rs 7.730,02 crore during the quarter, substantially higher from Rs 2.711.43 crore it had parked aside in the year-ago period. Bank had reported profit of Rs 1.757.00 in December 2019 quarter and Rs1.505,06 year ago.
On the asset front, the gross non performing assets (NPAs) stood marginally lower at 4.86 per cent of the gross advances as on March 31, 2020 as compared with 5 per cent in the previous quarter.
Net NPAs or bad loans were, however, lower at 1.56 per cent as against 2.09 per cent in the December quarter.
Today, Axis bank stock had zoomed by 7 per cent to close the day at Rs 457.50.,
Earlier in the day, Axis Bank has decided to raise its stake in Max Group promoted Max Life Insurance to 30 per cent, a development which values the insurer at over Rs 5,000 crore.
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