(LiveMint)
Axis Bank Ltd, India’s third-biggest private sector lender by assets, reported a surprise fourth-quarter loss, plagued by a rise in provisions for bad loans. Net loss was Rs2,189 crore ($327.94 million) for the three months ended 31 March, compared with a profit of Rs1,225 crore a year ago, the Mumbai-based bank said.
Analysts had on average expected a profit of Rs514 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.
