India's Axis Bank quarterly profit rises 37.6%, but misses estimates on higher costs
MUMBAI: Indian private-sector lender Axis Bank reported on Saturday a quarterly profit that narrowly missed analyst expectations, as higher operating expenses and weaker other income offset robust credit growth and lower provisions. Axis Bank, the country’s third-largest private bank by assets, posted a stand-alone net profit of 70.03 billion Indian rupees ($737.5 million) for the quarter ended…
Axis Bank, India's third-largest private bank, reported a quarterly profit of 70.03 billion Indian rupees ($737.5 million) for the period ending September 30, which was slightly below the estimated 71.24 billion rupees. The bank's credit growth remained strong, while provisions for bad loans dropped significantly by 52.2% to 16.94 billion rupees.
However, heightened operating costs and a decline in other income, primarily due to falling bond yields and rupee volatility, hindered the bank's earnings. Net interest income rose by 11.8% to 153.71 billion rupees, supported by a 23% surge in total loans. Deposits grew by 20.7% compared to the previous year. The gross non-performing asset ratio was 1.16% as of the end of September, a slight decrease from 1.28% three months prior.
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