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On Tuesday, the third largest private sector lender of India, Axis Bank has reported a 1 percent decline in its net profit for March quarter at Rs 2,154 crore on higher provisions.
The bank, for the full year, has reported a post tax net profit of Rs 8,349 crore, up 12 percent.
The Chief Financial Officer Jairam Sridharan has said that “Our asset quality was stable compared to the preceding quarter, but we have an outlook of elevated stress…the threats remain elevated.”
He has further said that “From a sector standpoint, Q4 growth metrics both on credit and deposit side remained somewhat muted. The stress outlook remains elevated and the operating environment continues to remain challenging.”
