Axis Bank's results for the year ended March 31, underscore high levels of stress and uncertainty across the Indian banking system,” the rating agency said while adding that credit cost of the bank in Q4 was higher than anticipated.
The private sector lender last month reported a standalone net loss of Rs 1,387.78 crore for Q4FY20 as provisioning for bad loans and contingencies soared.
Axis Bank had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year.
Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing.
Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter, provisions stood at Rs 2,711.43 crore.
The private sector lender last month reported a standalone net loss of Rs 1,387.78 crore for Q4FY20 as provisioning for bad loans and contingencies soared.
Axis Bank had reported a net profit of Rs 1,505.06 crore in the same quarter of the previous financial year.
Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing.
Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter, provisions stood at Rs 2,711.43 crore.