On Thursday, Axis Bank has reported a net profit of Rs 1,505.06 crore for the quarter ended 31 March 2019. The lender reported a loss of Rs 2,188.74 crore in the fourth quarter of the previous year.

On a year-on-year basis, provisions and contingencies declined by 62 percent to Rs 2,711.43 crore.

Axis Bank's asset quality improved for the fourth straight quarter with the percentage of gross non-performing assets (NPAs) declining to 5.56 percent from 5.75 percent in the December-ended quarter. Net NPAs also fell to 2.06 percent from 2.36 percent in the previous quarter. In March 2017, it stood at 3.40 percent.

The bank's board of directors have recommended a dividend of Rs 1 per equity share.

The lender's operating profit for Q4 saw a strong growth of 37 percent on a year-on-year basis to Rs 5,014 crore. Net interest income (NII) rose by 21 percent for the corresponding quarter in the previous year to Rs 5,706 crore.

Axis Bank's fee income was up by 23 percent YoY, led by retail fees. On the whole, net profit for the financial year 2018-19 was Rs 4,677 crore as against Rs 276 crore in FY 2017-18.