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Axis Bank Q3 Profit Rises 25%, But Lags Estimate

Net profit rose to Rs 7.26 billion ($113.86 million) for the quarter ended December, from Rs 5.80 billion a year ago

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Axis Bank posted a 25 per cent rise in quarterly net profit, helped by higher interest and fee incomes as well as a drop in provisions for bad loans, although results fell slightly short of a consensus estimate.

Net profit rose to Rs 7.26 billion ($113.86 million) for the quarter ended December, from Rs 5.80 billion a year ago, the country's third-largest private sector lender by assets said on Monday.

That was below the average estimate of 7.98 billion rupees from 21 analysts, Thomson Reuters data shows.

Gross bad loans as a percentage of total loans stood at 5.28 percent at end-December, compared with 5.90 percent in the previous quarter and 5.22 percent a year earlier.

(Reutrs)


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