Axis Bank Q1 profit down 19% on higher provisions, other income also dips

Gross non-performing assets (GNPA) stood at 4.72 per cent, compared with 5.25 per cent in the year ago quarter and 4.86 per cent in the fourth quarter

Private sector lender Axis Bank Ltd on Tuesday reported a 31.29 per cent year-on-year drop in profit before tax for the first quarter ended June 30 on higher provisions booked in the current quarter, and also due to moving towards a more conservative mode of accounting. 

Profit before tax stood at Rs 1,427.98 crore, against Rs 2,078.18 crore in the year ago quarter. In the fourth quarter, the bank had reported a loss of Rs 1,878.91 crore before tax. Net profit after tax for the first quarter of fiscal 2020-21 fell 19% to Rs 1,112.17 crore. The bank said it