New Delhi: Shares of Axis Bank on Wednesday fell by nearly 3% after the company reported 16% decline in net profit for the first quarter ended 30 June. More From Livemint »Private sector lender Axis Bank on Tuesday reported 16.06% decline in net profit to Rs1,306 crore for the first quarter ended 30 June, as bad loans almost doubled during the period. The bank had registered a net profit of Rs1,556 crore in June quarter of 2016-17. Revenues of the bank, however, rose to Rs14,052.30 crore during the said quarter compared to Rs13,852.18 crore in the year-ago period, Axis Bank said in a regulatory filing. Likewise, net NPAs or bad loans increased to 2.30% of net advances furnished by June-end from 1.08 per cent a year earlier.

Source: Mint July 26, 2017 07:41 UTC