Axis Bank net profit falls 46% in Q1

NEW DELHI: Ltd, India‘s third-biggest private sector lender by assets, on Monday reported a 46 per cent fall in first-quarter profit as its bad loans continued to rise.

The bank‘s net profit for the stage ended June 30 fell to Rs 701 crore ($102.14 million) from Rs 1,306 crore a year ago, it said.

Analysts had expected a net profit of Rs 556 crore, according to Thomson Reuters I/B/E/S.

Gross non-performing loans as a percentage of total loans fell to 6.52 per cent at end-June, compared with 6.77 per cent three months earlier, but rose year-on-year from 5.03 per cent in the first quarter of 2017.
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