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Private sector lender will be declaring its September quarter results on Monday. A man leaves an Axis Bank automated teller machine (ATM) in New Delhi, India, October 20, 2016Reuters file

Axis Bank shares were trading flat on Monday on the Bombay Stock Exchange (BSE) ahead of the private sector lender's September quarter results. The stock was down 0.83 percent to Rs 522.25 at around 1.43 pm.

The bank is one of three early beneficiaries in the form of debt repayment by the Essar Group after the $12.9 billion deal between Essar Oil and a consortium led by Russia's Rosneft, by which the energy company sold 98 percent stake, enabling it to reduce debt.

The bank's net profit dropped 21.3 percent to Rs 1,555 crore for the June quarter mainly on account of a 88.7 percent spike in provisioning for bad loans. The bank had declared net profit of Rs 1,978 crore during the corresponding period last fiscal.