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Axis Bank reported a 36 percent year-on-year drop in net profit to ₹1,116.6 crore for the quarter ended 31 December. In a filing to the BSE, the bank said its profit was adversely impacted by nearly Rs 1,050 crore on account of prudent expense and provisioning charges in the December quarter.
Axis Bank, the fourth largest private sector lender by market capitalization, stood at Rs 1,116.6 crore against Rs 1,757 crore in the corresponding period. However, Net Interest Income (NII) and Net interest margin (NIM) for the quarter rose 14 percent and 3.59 percent respectively.
During the quarter, the bank made specific loan loss provisions of Rs 1,050 crore, which affected profitability. Total cumulative provisions for the bank, including those made against standard assets and depression on investments, stood at Rs 4,604 crore compared with Rs 3,471 crore last year.