Axis Bank Profit Rises 37 Percent but Misses Estimates
India's Axis Bank reported a 37.6 percent increase in quarterly net profit, missing analyst expectations due to rising operating expenses. Total loans grew strongly while provisions for bad loans dropped significantly from a year earlier.
Insights:
Axis Bank posted a net profit of 70.03 billion Indian rupees ($737.5M) for the quarter ending September 30, rising 37.6% year-over-year. The result missed analyst forecasts of 71.24 billion rupees due to higher operating expenses and weaker other income. The private lender remains the third-largest by assets in India.
