Shares of Axis BankBSE -1.48 %, India's third largest private sector lender, fell over 2 per cent in the early trade on Monday after it reported a 21 per cent drop in net profit at Rs 1,555.50 crore for the June quarter on account of a rise in bad loans.
The bank had earned a net profit of Rs 1,978.44 crore in the April-June quarter of last financial year. Gross NPA in absolute terms rose to Rs 9,553 crore this June quarter compared with Rs 4,251 crore at the end of June, 2015.
Total income of the bank improved to Rs 13,852.1 crore from Rs 12,234.41 crore in the same period last year.
At 9:34 am, shares of the bank were trading at Rs 526.20 apiece, down 2.11 per cent from its previous close on the Bombay Stock Exchange (BSE).
The bank had earned a net profit of Rs 1,978.44 crore in the April-June quarter of last financial year. Gross NPA in absolute terms rose to Rs 9,553 crore this June quarter compared with Rs 4,251 crore at the end of June, 2015.
Total income of the bank improved to Rs 13,852.1 crore from Rs 12,234.41 crore in the same period last year.
At 9:34 am, shares of the bank were trading at Rs 526.20 apiece, down 2.11 per cent from its previous close on the Bombay Stock Exchange (BSE).
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