Axis Bank’s Q4 net loss at over Rs 2,100 cr
Mumbai: Lending major Axis Bank on Thursday reported a net loss of Rs 2,100 crore for the fourth quarter (Q4) of 2017-18.
According to the lender, this was from a net profit of Rs 1,225 crore reported for the corresponding period of last fiscal.
However, the bank’s net interest income (NII) inched-up to Rs 4,730 crore during the quarter from Rs 4,729 crore earned during the corresponding quarter of the previous year.
On a financial year basis, the bank reported that its net profit for the year ended on March 31, 2018 declined by 93 per cent to Rs 276 crore from Rs 3,679 crore for the previous year.
The 2017-18 NII rose by 3 per cent to Rs 18,618 crore from Rs 18,093 crore for the previous year.
“As on 31st March 2018, the bank’s gross NPA and net NPA levels rose to 6.77 per cent and 3.40 per cent from 5.28 per cent and 2.56 per cent as on 31st December 2017, respectively,” the lender said in a statement.
“The bank has recognised slippages of Rs 16,536 crore during Q4FY18. This includes an accelerated recognition in the stressed loan book of the bank, particularly in the power sector. It also includes a onetime impact driven by recent regulatory guidelines on Resolution of Stressed Assets.”