Axis Bank posts standalone net loss of Rs 112 crore in Q2 on one-time tax impact

Axis Bank said that the net loss of Rs 112 crore for the quarter was driven by a one-time tax impact of Rs 2,138 crore due to changes in the corporate tax rate.

New Delhi: Axis Bank on Tuesday reported a net loss of Rs 112.08 crore on a standalone basis for the second quarter ended September of the current fiscal due to a one-time tax impact.

The private sector bank had posted a net profit of Rs 789.61 crore in the corresponding July-September quarter of the previous fiscal.

The net loss of Rs 112 crore for the quarter was driven by a one-time tax impact of Rs 2,138 crore due to changes in the corporate tax rate, the bank said.

Minus this extraordinary item, PAT (profit after tax) would have been Rs 2,026 crore, up 157 per cent year-on-year, it said.

The bank's total income (standalone) rose to Rs 19,333.57 crore in the second quarter of 2019-20 from Rs 15,959.37 crore in the same period last year, it said.

The bank showed improvement on asset quality, with gross non-performing assets (NPAs) falling to 5.03 per cent of gross advances at the end of September 2019 from 5.96 per cent a year ago.

Net NPAs stood at 1.99 per cent as against 2.54 per cent a year ago.

Shares of Axis Bank on Tuesday closed 0.49 per cent higher at Rs 712.70 on the BSE.