Axis Bank reports Rs 1,878-crore pre-tax loss in Q4 on Covid-19 provisions

the bank reported a 17 per cent increase in its operating profit at Rs 5,851 crore in the March quarter

Private sector lender Axis Bank on Tuesday reported a pre-tax loss of Rs 1,878.91 crore in the last quarter of this financial year (Q4FY20), against a pre-tax profit of Rs  2,303 crore in the year-ago quarter, on account of higher provisions made for Covid-19.
 

The bank recorded a net loss of Rs 1,388 crore in Q4FY20, compared to a net profit of Rs 1,505 crore in the same period last financial year.  However, the bank reported a 17 per cent increase in its operating profit to Rs 5,851 crore in the March quarter, from Rs 5,014.42 crore in the same