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Axis Bank Ltd. reported weak earnings, with profit after tax impacted by lower income and higher opex, while provisions remained elevated.
Net interest income income was impacted due to the reversal of proforma slippages.
On the business front, retail disbursements were strong QoQ, while disbursements under the Emergency Credit Line Guarantee Scheme supported growth in the small and medium enterprise book.
The bank holds cumulative additional provisions of Rs 119 billion (approximately 2% of loans).
Overall, the bank has approved total restructuring of ~0.42% of loans and does not intend to provide any fresh approvals.
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