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Axis Bank Q1 results: Profit dips 3.8% to ₹5,806 cr on bad loan provisions
The country's fourth-largest private lender by market capitalisation reported a standalone net profit of 58.06 billion rupees ($674.8 million) for the quarter ended June 30, compared with a profit of 60.35 billion rupees a year earlier.
Analysts, on average, had expected a profit of 63.73 billion rupees, as per data compiled by LSEG.
Net interest income, the difference between interest earned on loans and paid on deposits, rose a marginal 0.8per cent to 135.6 billion rupees, as per Reuters' calculations.
Provisions and contingencies, or funds kept aside for potential bad loans, doubled year-on-year to 39.48 billion rupees.
Indian lenders have been grappling with higher bad loans in segments such as microfinance and unsecured portfolio, forcing them to set aside more funds for potential bad loans and to strengthen their balance sheets.
Axis Bank's gross non-performing assets ratio, a key gauge of asset quality, deteriorated to 1.57per cent at the end of June, compared with 1.28per cent three months earlier.
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