Axis Bank on Thursday reported a dismal set of numbers for the March quarter with a loss of Rs 2,188. 74 crore, as against a net profit of Rs 1,225 crore in the same quarter last year. This is the first ever quarterly loss posted by Axis Bank since it listed over two decades ago.
Axis Bank's slippages for the quarter nearly quadrupled year-on-year to Rs 16,536 crore, with nearly Rs 13,900 crore of new slippages coming from the corporate sector. So more than 80 percent of the slippages were from companies rated 'BB' and below.
Analysts polled by Reuters had estimated a decline of 56 percent in net profit to Rs 534 crore, and 4 percent rise in net interest income to Rs 4,909 crore.
Interestingly, this was not the first or the biggest loss that has been posted by a bank in India. The biggest ever quarterly loss was posted by Punjab National Bank in March 2016 at Rs 5,367.14 crore. This was followed by Canara Bank and Bank of India were second and third at Rs 3,905.49 crore and Rs 3,587.11 crore, respectively. In fact, Axis’ performance was the 10th worst performance as compared to previous shows.
Moneycontrol takes a look at data from such banks and their worst ever quarterly performance.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
