Axis Bank Q4 net up 18%, bad loans stable

Axis Bank Ltd, India's third-biggest private sector lender by assets, reported on Wednesday a better-than-expected 18.4 per cent increase in quarterly net profit, ahead of analysts' estimates.

The Mumbai-based bank said net profit rose to Rs 2,181 crore or Rs 21.81 billion ($344.6 million) in its fiscal fourth quarter to March 31, from Rs 1,842 crore or Rs 18.42 billion a year earlier.

Analysts, on average, had expected the bank to report a net profit of Rs 2,140 crore or Rs 21.4 billion, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans were little changed from the third quarter at 1.34 pe rcent.

Axis Bank said it would seek shareholders' approval to raise the foreign investment limit in it to 74 percent from 62 percent currently after the bank board approved the plan.

The board also approved a plan to issue up to 142 million depositary receipts, which the lender said would facilitate a share issue outside India.