At the NSE also, it opened lower and declined 2.54 per cent to Rs 616. In a similar trend, it bounced back as the trade progressed to quote at Rs 641.20, up 1.44 per cent.
The country’s third largest private sector lender Axis Bank on Wednesday reported a 29 per cent decline in December quarter consolidated net at Rs 1,334 crore, and reported a spike in non-performing assets from the retail assets side.
In the 2019 December quarter, consolidated net profit was at Rs 1,884 crore.
On a standalone basis, the city-based bank’s net profit for the October-December period declined 36 per cent to Rs 1,116 crore from Rs 1,757 crore in the same period a year ago.
It reported fresh slippages of Rs 6,736 crore under the IRAC norms, as against Rs 6,214 crore in the year-ago period.
The same had come down to Rs 1,572 crore in the preceding September quarter.
A bulk 83 per cent of the fresh slippages came from retail assets, which had become a focus area for lenders across the system in the last few years because of its perceived resilience in face of stress being reported by the corporate segment.