Axis Bank posts standalone net loss of ₹112 crore in Q2 due to one-time tax impact

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The private sector bank had posted a net profit of ₹789.61 crore in the corresponding July-September quarter of the previous fiscal.

Axis Bank on Tuesday reported a net loss of ₹112.08 crore on a standalone basis for the second quarter ended September of the current fiscal due to a one-time tax impact.

The private sector bank had posted a net profit of ₹789.61 crore in the corresponding July-September quarter of the previous fiscal.

The net loss of ₹112 crore for the quarter was driven by a one-time tax impact of ₹2,138 crore due to changes in corporate tax rate, the bank said.

Minus this extraordinary item, PAT (profit after tax) would have been ₹2,026 crore, up 157% year-on-year, it said.

The bank’s total income (standalone) rose to ₹19,333.57 crore in the second quarter of 2019-20 from ₹15,959.37 crore in same period last year, it said.

The bank showed improvement on asset quality, with gross non-performing assets (NPAs) falling to 5.03% of gross advances at the end of September 2019 from 5.96% a year ago.

Net NPAs stood at 1.99% as against 2.54% a year ago.

Shares of Axis Bank on Tuesday closed 0.49% higher at ₹712.70 on the BSE.

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