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₹1,388 crore in Q4 due to higher provisions

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Mumbai: Private sector lender Axis Bank on Tuesday reported a net loss of ₹1,388 crore for the three months to March owing to higher provisions.

The bank had reported net profit of ₹1,505 crore during the corresponding period a year ago. The bank’s total provisions rose 18% to ₹7,730 crore at the end of March 2020, compared to ₹2,711 crore during corresponding quarter last year.

The bank also made additional provisioning of ₹3,000 crore towards Covid-19 during the quarter. The net interest income, or the difference between interest earned and expended, rose 19% year on year to ₹6,808 crore as against ₹5,706 crore during the corresponding quarter last year.

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