Mumbai July 30 (IANS) Lending major Axis Bank on Monday reported a decline of 46 per cent in its year-on-year stand alone net profit for the first quarter of 2018-19 due to higher net non-performing assets (NPAs).
According to the firm net profit during the quarter under review decreased to Rs 701 crore from Rs 1 306 crore reported for the corresponding period of last fiscal.
However the banking major s net interest income grew by 12 per cent to Rs 5 167 crore during the quarter ended June 30 2018 compared to Rs 4 616 crore in the corresponding period of the previous fiscal.
"Net interest margin for Q1FY19 stood at 3.46 per cent " the lender said in a statement.
As per the statement the bank has recognised slippages of Rs 4 337 crore during Q1FY19.
"As on 30th June 2018 the Bank s Gross NPA stood at Rs 32 662 crores and Net NPA stood at Rs 14 902 crores. Recoveries and upgrades were Rs 2 917 crores while write-offs during the quarter were Rs 3 007 crores " the statement said.
"Net slippages (before write-offs) in Retail and SME stood at Rs 537 crores and Rs 355 crores respectively. As on 30th June 2018 the Bank s provision coverage as a proportion of Gross NPAs including prudential write-offs stood at 69 per cent."

--IANS rv/vm