Axis Bank posts Q2 net loss of Rs 112 crore on higher tax expense, operating profit jumps 45%
Axis Bank Q2 results: The bank's operating profit for the quarter grew 45 per cent y-o-y to Rs 5,952 crores from Rs 4,094 crores in Q2FY19
- Oct 22, 2019,
- Updated Oct 22, 2019 9:47 PM IST
Axis Bank, the country's third-largest private sector bank, on Tuesday reported a net loss of Rs 112 crore for the second quarter ended September 30 dented by a one-time tax impact of Rs 2,138 crore due to changes in corporate tax rate. The Mumbai-headquartered private lender's net profit stood at Rs 790 crore in the same quarter last year.
"The one off impact for the bank, from a DTA (deferred tax assets) perspective, due to a change in corporate tax rate, has been Rs 2,138 crore. It has been fully adjusted through Q2FY20 financials, which has impacted the earnings significantly," Axis Bank said in a filing to the Bombay Stock Exchange.
The bank's operating profit for the quarter grew 45 per cent y-o-y to Rs 5,952 crore from Rs 4,094 crore in Q2FY19. Profit before tax grew 109 per cent y-o-y to Rs 2,433 crore as compared to Rs 1,167 crore in the same quarter last year.
The net interest income (NII) of the bank rose by 17 per cent to Rs 6,102 crore during July-September quarter of current fiscal versus Rs 5,232 crore in Q2FY19. The other income (non-interest income), which comprises of fee, trading profit and miscellaneous income, jumped 45 per cent to Rs 3,896 crore against Rs 2,678 crore in the year-ago period, driven by 495 per cent YoY growth in trading income.
Axis Bank, the country's third-largest private sector bank, on Tuesday reported a net loss of Rs 112 crore for the second quarter ended September 30 dented by a one-time tax impact of Rs 2,138 crore due to changes in corporate tax rate. The Mumbai-headquartered private lender's net profit stood at Rs 790 crore in the same quarter last year.
"The one off impact for the bank, from a DTA (deferred tax assets) perspective, due to a change in corporate tax rate, has been Rs 2,138 crore. It has been fully adjusted through Q2FY20 financials, which has impacted the earnings significantly," Axis Bank said in a filing to the Bombay Stock Exchange.
The bank's operating profit for the quarter grew 45 per cent y-o-y to Rs 5,952 crore from Rs 4,094 crore in Q2FY19. Profit before tax grew 109 per cent y-o-y to Rs 2,433 crore as compared to Rs 1,167 crore in the same quarter last year.
The net interest income (NII) of the bank rose by 17 per cent to Rs 6,102 crore during July-September quarter of current fiscal versus Rs 5,232 crore in Q2FY19. The other income (non-interest income), which comprises of fee, trading profit and miscellaneous income, jumped 45 per cent to Rs 3,896 crore against Rs 2,678 crore in the year-ago period, driven by 495 per cent YoY growth in trading income.