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Axis Bank shares slip nearly 3% after Q1 results

LiveMint logoLiveMint 26-07-2017 PTI

New Delhi: Shares of Axis Bank on Wednesday fell by nearly 3% after the company reported 16% decline in net profit for the first quarter ended 30 June.

The scrip went down by 2.46% to Rs531.20 on BSE. At NSE, shares of the company slipped 2.66% to Rs 530.40.

Private sector lender Axis Bank on Tuesday reported 16.06% decline in net profit to Rs1,306 crore for the first quarter ended 30 June, as bad loans almost doubled during the period.

The bank had registered a net profit of Rs1,556 crore in June quarter of 2016-17.

Revenues of the bank, however, rose to Rs14,052.30 crore during the said quarter compared to Rs13,852.18 crore in the year-ago period, Axis Bank said in a regulatory filing.

The lender’s asset quality worsened as gross non-performing assets (NPAs) almost doubled to 5.03 per cent as on 30 June this year, from 2.54% on 30 June 2016.

Likewise, net NPAs or bad loans increased to 2.30% of net advances furnished by June-end from 1.08 per cent a year earlier.

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