Axis Bank Faces Profit Dip Amid Policy Changes: A Closer Look

Axis Bank reported a 3% decline in its consolidated net profit for the June quarter, amounting to Rs 6,243.72 crore. This downturn resulted from alterations in its policy on non-performing assets and loan upgrades.

Despite the dip, CEO Amitabh Chaudhry expressed confidence in the bank's future growth, attributing setbacks to strategic adjustments in asset recognition standards. These measures, he assured, were designed to minimize future economic losses.

Moreover, the bank is preparing for upcoming management changes with the impending retirement of Deputy Managing Director Rajiv Anand, as the search for a successor concludes. The bank's stock reacted with a slight decline on the BSE, aligning with broader market trends.

(With inputs from agencies.)