Axis Bank Q1 net profit dips 46% to Rs 7 billion, stock falls 2.67%

It, however, improved on a sequential basis, with GNPAs down 25 basis points from the March quarter of 2017-18

Private sector lender Axis Bank’s net profit fell 46 per cent to Rs 7 billion during the April-June quarter, as income showed muted growth and expenses rose. The bank had posted a net profit of Rs 13.05 billion a year ago.

For the fourth quarter of the last financial year, the bank posted a net loss of Rs 21.88 billion, the first since its listing.

The bank's net interest income, or the difference between the interest earned and spent, rose 12 per cent on to Rs 51.67 billion year on year.

The bank’s stock closed at Rs 568.45 on the BSE, down 2.67