Thursday, 19 January 2017

Axis Bank Q3 net profit plunges as bad loans jump

Axis Bank Ltd, India's third-biggest private sector lender by assets, reported on Thursday third-quarter net profit tumbled 73 percent as provisions for bad loans jumped. Net profit fell to 5.80 billion rupees ($85 million) for the three months ended Dec. 31, from 21.75 billion rupees a year earlier, missing 7.79 billion rupees on average expected by analysts. 

Gross bad loans as a percentage of total loans rose to 5.22 percent from 4.17 percent in the previous quarter, and compared with 1.68 percent a year ago. Provisions, including for bad loans, surged more than five times from a year earlier to 37.96 billion rupees.

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