rising bad loans; Axis Bank Q4 loss is Rs 2189 crore
Axis Bank Ltd, India’s third-biggest private sector lender by assets, reported a fourth-quarter loss, plagued by a rise in provisions for bad loans.
Net loss was Rs 2189 crore ($327.94 million) for the three months ended March 31, compared with a profit of Rs 1225 crore a year ago, the bank said.
Analysts had on average expected a profit of Rs 514 crore, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans rose to 6.77% at end-March, compared with 5.28% in the preceding quarter and 5.04% a year ago.