New Delhi: Axis Bank reported a net loss of Rs 1,388 crore for the fourth quarter (Q4) of 2019-20 due to higher provisions. However, the bank's net interest income (NII) zoomed to 19 per cent to Rs 6,808 crore during the quarter from Rs 5,706 crore earned during the corresponding quarter of the previous year.
According to the bank, it has made specific loan loss provisions for Q4FY 20 at Rs 4,204 crore, compared to Rs 1,714 crore in Q4 last year and Rs 2,962 crore in Q3FY20.
Axis Bank formally joined peers to have a life insurance joint venture by announcing to raise its stake in Max Life Insurance, the fourth largest player in the life cover space, to 30% for Rs 1,592 crore.
The deal, which comes during bleak economic times as the country grapples with the impact of COVID-19 pandemic, was struck due to the opportunity in the life insurance space and also the price at which it could be sealed, Axis Bank's MD and CEO Amitabh Chaudhry said.
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