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Axis Bank suffers loss, but asset quality better; takeaways from Q4FY20 scorecard

The bank said its operating profit for Q4FY20 grew by 17 percent YoY to Rs 5,851 crore, while net interest income rose 19 percent YoY to Rs 6,808 crore.

April 29, 2020 / 05:37 PM IST

Axis Bank on April 28 reported a standalone loss of Rs 1,387.78 crore for the fourth quarter of FY20 against a profit of Rs 2,302.99 crore in the same period last year.

The numbers missed Street expectations. Analysts polled by CNBC-TV18 had estimated Rs 1,580.1 crore profit.

“The crisis we are facing as a nation is a long drawn one and it will need courage, grit and a fighting spirit to combat it. We believe in learning from all adversaries. For example, the lock-down has taught us how Work From Home (WFH) can be more productive and convenient. We are now exploring if WFH can become a part of our work culture going ahead,” MD&CEO Amitabh Chaudhry said.

Here are takeaways from Axis Bank's fourth-quarter scorecard: