You are using an older browser version. Please use a supported version for the best MSN experience.

Axis Bank shares fall nearly 3% as Q4 profit slips

LiveMint logoLiveMint 27-04-2017 PTI

New Delhi: Shares of Axis Bank on Thursday fell nearly 3% after the company reported 43% decline in net profit for the fourth quarter of last fiscal ended 31 March.

Even after a positive start, shares of the company failed to hold on to the momentum and later went down by 2.64% to Rs503.60 on BSE.

At NSE, shares of the company dipped 2.68% to Rs503.25. Axis Bank, on Wednesday, reported a 43% decline in net profit to Rs1,225.10 crore for the fourth quarter of 2016-17 on sharp rise in provisioning for bad loans.

The country’s third largest private sector lender had posted a net profit of Rs2,154.28 crore for the January-March quarter of the previous fiscal, 2015-16. Its total income increased, however, to Rs14,181.31 crore in the fourth quarter of 2016-17 as against Rs13,592.97 crore in the year-ago period.

The bank’s gross non-performing assets (NPAs), or bad loans, rose significantly to 5.04% of the gross advances as of March this year, as against 1.67% a year earlier. Net NPAs were 2.11% of the net advances during the quarter, as against 0.70%.

More From LiveMint

image beaconimage beaconimage beacon