Axis Bank Q3 profit falls 36% to ₹1,117 crore

Private sector lender Axis Bank on Wednesday reported a 36.4% decline in standalone net profit to ₹1,116.60 crore for the third quarter ended December 2020. The bank had posted a net profit of ₹1,757 crore in the corresponding period of the previous fiscal.

Total income slipped to ₹19,274.39 crore as against ₹19,494.87 crore in the year earlier period, Axis Bank said in a regulatory filing.

“Reported profits after tax for the quarter are adversely impacted to the extent of ₹1,050 crore on account of prudent expenses and provisioning charges during the quarter,” it said.

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