Higher Provisions Weigh On Profit, Asset Quality Improves

Higher provisions weighed on Axis Bank Ltd.’s standalone net profit for the quarter ended March fell 0.1% to Rs 7,117.5 crore.

Provisions and contingencies of the bank rose 15% year-on-year to Rs 1,359 crore, according to an exchange filing on Thursday.

However, asset quality of the bank improved with the gross non-performing-asset ratio falling to 1.28% from 1.46% a quarter ago. Net NPA ratio of the bank also was down to 0.33% from 0.35% in the December quarter.