scorecardresearch

Axis Bank Q3 net profit up 14.5% but bad loans rise

Net profit rose to Rs 21.75 billion ($320 million) for the three months to December  31 from Rs 19 billion a year earlier, the Mumbai-based bank said on Wednesday.

Axis Bank Ltd, country'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 21.75 billion ($320 million) for the three months to December  31 from Rs 19 billion a year earlier, the Mumbai-based bank said on Wednesday.

Analysts on average had expected a net profit of Rs 20.85 billion, 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.

($1 = Rs 67.9700)

(Reuters)