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Axis Bank's fiscal Q1 net profit falls 21.38% YOY

Axis BankLtd. reported a 21.38% year-over-year decrease in net profit forthe fiscal first quarter as it saw provisions increase by 88.73%.

Net profit for the quarter ended June 30 fell to 15.56billion Indian rupees from 19.78 billion rupees in the prior-year period. EPSdecreased to 6.49 rupees from 8.27 rupees, the bank said July 22.

Operating profit stood at 44.69 billion rupees from 40.92billion rupees in the prior-year period. Interest earned for the quartertotaled 111.14 billion rupees from 99.36 billion rupees.

Net provisions and contingencies totaled 21.17 billionrupees during the quarter, higher than the 11.22 billion rupees in the year-agoquarter.

At the end of the quarter, the bank's gross nonperformingasset ratio clocked in at 2.54%, compared with 1.67% at the end of March and1.38% as of June 30, 2015. The net NPA ratio also increased to 1.08% from 0.70%on March 31 and 0.48% at the end of June 2015.

Under Basel III, Axis Bank's capital adequacy ratio went upto 15.30% at the end of the quarter from 15.29% at the end of March and 14.50%at the end of June 2015.

The bank's Tier 1 capital adequacy ratio rose to 12.01% from11.60% and its Tier 2 capital adequacy ratio to 3.29% from 2.90%.

As of July 22, US$1was equivalent to 67.15 Indian rupees.