Private lender Axis Bank on Thursday reported a consolidated net profit of Rs 1,505.1 crore for the quarter ended March 2019 on the back of improved asset quality.

The bank had reported a net loss of Rs 2,188.74 crore during Q4FY18.

Axis Bank's gross NPA declined from Rs 30,854.6 crore to Rs 29,789.4 crore on a sequential basis while Net NPA also dropped 30 basis points (bps) to 2.06 per cent.

The bank's provision coverage ratio as on March 31 stood at 77 per cent while provisions at Rs 2,711.4 crore vs Rs 7179.5 crore during the same period a year ago. Corporate Slippages were at Rs 1,369 crore.

Axis Bank's Net interest income grew 20.6 per cent to Rs 5,705.6 crore in the year-ago quarter while Net interest margin stood at 3.44 per cent.

The company recommended a dividend of Re 1 per equity share on a face value of Rs 2.