India’s Axis Bank misses Q1 profit view on higher provisions

Axis Bank (AXBK.NS), opens new tab, India’s third-largest private bank by market capitalisation, reported a smaller-than-expected first-quarter profit on Wednesday as it set aside more funds for potential bad loans amid a deterioration in asset quality.

The Mumbai-based lender’s standalone net profit rose 4% year-on-year to 60.35 billion rupees ($721.2 million) for the quarter ended June 30.

Source: REUTER