On Tuesday, Axis Bank reported a 95 percent increase in net profit to Rs 1,370 crore for the first quarter of the financial year 2019-20. In the same period of the previous year, its net profit was Rs 701.09 crore.

The profit was lower than the street estimates. Bloomberg poll of 22 analysts had projected an estimate of Rs 1,855 crore for the quarter in review.

The private lender's net interest income, that is the difference between interest earned and paid, rose by 13.10 percent to Rs 5,843.65 crore for the June quarter as against Rs 5,166.80 crore a year ago.

Provisions grew by 14.29 percent to Rs 3,814.58 crore compared to Rs 3,337.70 crore in Q1 of 2018-19.

Other income was 32.27 percent higher at Rs 3,868.76 crore for the June-ended quarter from Rs 2,924.99 crore last year. Axis Bank's asset quality improved in the April-June period with percentage of gross non-performing assets (NPAs) at 5.25 percent, lower than 5.26 percent in the previous quarter. Net NPAs declined to 2.04 percent from 2.06 percent sequentially.

Shares of Axis Bank closer lower by 1.82 percent at Rs 706.55 apiece on Tuesday, before the release of the financial results.