Axis Bank Q1 net profit falls 21% to Rs 1,555,53 lakh

Axis Bank on Friday reported over 21% decline in the net profit for the first quarter (Q1) ended on June 30, 2016.

Axis Bank, India's third largest private sector bank, posted 21.38% fall in net profit to Rs 1,555,53 lakh for the April-June quarter of the fiscal year 2016-17 (FY17) as against Rs 1,978,44 lakh in the April-June quarter of the fiscal year 2015-16 (FY16), the bank said in a filing to the Bombay Stock Exchange (BSE). 

The bank's total income from operations in Q1 FY17 surged by 13.22% to Rs 13,852,18 lakh as compared to Rs 12,234,41 lakh in Q1 FY16.

Its total operating expenses during the quarter under review rose by 23.13% to Rs 2,785,83 lakh as against Rs 2,262,43 lakh in the corresponding quarter of the previous fiscal.

Axis Bank's gross non-performing assets (GNPAs) ratio during the quarter was up 2.54% as against 1.38% in the same quarter of last fiscal. 

The bank's net non-performing assets (NPAs) ratio in Q1 FY17 was up 1.08% as compared to 0.48% in Q1 FY16. 

Its total interest earned during the April-June quarter of FY17 increased by 11.85% to Rs 11,113.90 lakh as against Rs 9,936,14 lakh in the April-June quarter of FY16. 

The stock of Axis Bank on Friday closed down 0.13% or Rs 0.70 at Rs 537.55 on the BSE.