Wednesday, 27 April 2016

Axis Bank Expects more bad Loans in FY17 as Q4 profit Falls

Axis Bank Ltd, India's third-biggest private sector lender by assets, said it expected bad loans to rise in the current financial year and credit costs to be sharply higher, after reporting a fall in fourth-quarter profit.

Indian banks' bad loans have surged in the past six months after an asset quality review ordered by the central bank as part of a clean-up exercise.

Mumbai-based Axis Bank expects more bad loans in the financial year that began in April, finance chief Jairam Sridharan said, although he expected "some remission" towards the end of the year.

"Our outlook with respect to asset quality...continues to remain cautious," he said on a conference call.

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