Axis Bank Q3 Net Profit Up 14.5% But Bad Loans Rise

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Axis Bank, India’s third-biggest private sector lender by assets, reported a better-than-expected 14.5 per cent increase in third-quarter profit, although its bad loans shot up.

Net profit rose to Rs 2,175 crore ($320 million) for the three months to December 31 from Rs 1,900 crore a year earlier, the Mumbai-based bank said on Wednesday.

Analysts on average had expected a net profit of Rs 2,085 crore, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans rose to 1.68 per cent at end-December from 1.38 per cent in the previous three months.

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