Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared.
The private sector lender 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 the provisions stood at Rs 2,711.43 crore.
On consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period.
Income increased to Rs 20,786.23 crore in the latest quarter from Rs 18,950.85 crore in the same period a year ago.
Gross non performing assets (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent by the year- ago same period.
Net NPAs or bad loans too came down to 1.56 per cent from 2.06 per cent.
The bank said the extent to which the COVID-19 pandemic will impact the bank's provision on assets will depend on the future developments, which are highly uncertain.
Among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government mandated or elected by the bank, will also impact the provisions.
It said the pandemic has affected the world economy including that of India, leading to significant decline and volatility in financial markets and decline in economic activities.
Axis Bank stock closed 6.61 per cent higher at Rs 455.55 on the BSE.
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