Axis Bank's Q4 net profit rises to Rs 1,505 cr

Mumbai  :  Lender Axis Bank on Thursday reported a net profit of Rs 1,505 crore for the fourth quarter (Q4) of 2018-19, as against a net loss of Rs 2,189 crore for the corresponding period of previous fiscal.

However, the bank's net interest income (NII) zoomed to 21 per cent to Rs 5,706 crore during the quarter from Rs 4,730 crore earned during the corresponding quarter of the previous year.

Further, the bank said that it has recognised slippages of Rs 3,012 crore during Q4FY19, compared to Rs 3,746 crore in Q3FY19 and Rs 16,536 crore in Q4FY18. 

On a financial year basis, the bank reported that its net profit for the year ended on March 31, 2019 rose to Rs 4,677 crore from Rs 276 crore for the previous financial year.

The 2018-19 NII rose by 17 per cent to Rs 21,708 crore from Rs 18,618 crore for the previous year.

"As on 31st March 2019, the Bank's Gross NPA and Net NPA levels were 5.26 per cent and 2.06 per cent respectively, as against 5.75 per cent and 2.36 per cent respectively as on 31st December 2018," the company said in a statement.