Provisions and contingencies of the bank jumped 51 per cent year-on-year to Rs 2736.38 crore against Rs 1811.39 crore in the corresponding period last fiscal.
Advertisement
During the quarter, provision towards non-performing assets (NPAs) have jumped nearly three-fold to Rs 3,620 crore from Rs 1,291 crore in the same period a year ago.
Shares of Axis Bank today fell by over 4 per cent after the company reported a steep 21 per cent decline in net profit for the three months to June.
The bank’s gross NPA for the April-June quarter of the current fiscal increased to 0.79%, as compared to 0.46% in the same quarter of the previous year. Gross NPAs were at 12.9% and net NPAs at 8.61% in the quarter ended March.
The bank had registered a net profit of Rs 301.98 crore in the corresponding April-June quarter of the previous fiscal.
Loan growth of 10-11 percent can happen as wage revision will give traction for retail credit, she said.
Syndicate Bank said it has upgraded NPAs of Rs 220.42 crore and also made recoveries of Rs 444.70 crore. Brokerage House ICICI Securities was expecting first quarter net profit of Rs 1,089.20 crore from Punjab National Bank.
Its other income during the quarter in question jumped over 65 per cent to Rs 900.52 crore from Rs 545.17 crore in the same period past year. Other income (non-interest income) rose 65 percent to Rs 900.5 crore in the quarter, compared with Rs 545.
Yes Bank is now trading at Rs. 1215.90, up by 15.80 points or 1.32% from its previous closing of Rs. 1200.10 on the BSE.
The government has made allocation of Rs 2816 crore of capital in two tranches.
Advertisement
Capital adequacy of the bank at the end of June 2016, as per Basel-III norms, was 11.58 percent.
