Axis Bank Profit Falls Slightly Missing Analyst Estimates
The lender reported a marginal profit decline today due to a sharp drop in treasury income and higher provisions. Loan growth remained resilient at 19 percent.
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AXIS BANK LTD reported a marginal decline in its fourth-quarter profit, falling short of market expectations due to a significant slump in treasury income and a sharp rise in provisions. The third-largest private lender in India announced a standalone net profit of 70.71 billion rupees for the quarter ending March 31, a 0.7% decrease from the 71.18 billion rupees recorded during the same period the previous year. This result trailed the 73.16 billion rupees estimated by analysts.
