Private sector banks saw a mixed performance for Q1FY19. ICICI Bank posted its first-ever loss and Axis Bank’s net profit reduced to half of the previous year’s June quarter even as others showed a steady growth.
Provisioning for bad loans continued to weigh on banks’ profitability along with bond losses as well as a slower income growth. As per a CARE rating report, the total net profit of private sector banks declined by 18.8 per cent in June 2018 against a rise of 13.3 per cent in the previous year. While both interest and other income grew during the year, it ...
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