Axis Bank Q1 net profit jumps 95% to Rs 1,370 crore; stock falls over 1%

Net interest margin (NIM) stood at 3.40 per cent for the quarter, against 3.46 per cent in the year-ago period

Private lender Axis Bank reported 95 per cent year-on-year (YoY) rise in net profit for the first quarter (Q1), aided by good performance in its key operating parameters although slippages and provisioning remained on the higher side. The net profit for the quarter was at Rs 1,370 crore, compared to Rs 701 crore in the year-ago quarter. 

However, analysts were expecting the bank to post profit of Rs 1,855 crore. Bank’s net interest income rose 13 per cent to Rs 5,844 crore in Q1FY20, compared to Rs 5,167 crore in the same period of FY19. Non-interest income of the lender