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Wednesday, October 23, 2019

Axis bank posted rs 112 cr loss

*Axis Bank posts Rs 112 crore loss on a Rs 2,137 crore tax write-down*
By: FE Bureau

The bank also holds additional provisions of Rs 2,600 crore towards various risk contingencies, over and above the regular NPA provisioning and the 0.4% standard assets provisioning requirement.

Its recoveries and upgrades stood at Rs 2,213 crore, while write-offs during the quarter were at Rs 3,104 crore.
The net loss of Rs 112 crore in the September quarter of FY20, is against a profit of Rs 790 a year ago, owing to a 20% rise in provisions on a y-o-y basis to Rs 3,518 crore in the quarter and a 575% surge in tax expense to Rs 2,545 crore.

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