Flat income, heavy loan buffers bring down Axis Bank net profit in Q1

Axis Bank’s June quarter net profit declined by 4% to ₹5,806 crore, falling short of estimates due to increased provisions and sluggish business income. Net interest income remained flat, and net interest margin contracted. Asset quality deteriorated, with a rise in gross non-performing assets and slippages, partly attributed to changes in technical recognition criteria.

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