Axis Bank’s profit slumped 43% to Rs1,225.10 crore in the March quarter compared to Rs2,154.28 crore posted a year ago. Photo: BloombergMumbai: Axis Bank Ltd Wednesday reported a 43% decline in net profit in the March quarter from a year ago as the private sector lender raised provisions for bad loans. The Rs1,225.10 crore net profit compares with Rs2,154.28 crore posted a year ago, and Rs579.57 crore seen in the December quarter. A Bloomberg poll of 23 analysts had forecast a net profit of Rs872.90 crore. Total slippages from corporate lending stood at Rs4,320 crore, of which 83% came from a watch list of loans that the bank expects could turn bad.

Source: Mint April 26, 2017 12:36 UTC