BUSINESS

Rediff.com » Business

Axis Bank Q4 net up 18%, bad loans stable
By Devidutta Tripathy
April 29, 2015

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.

Devidutta Tripathy
Source: REUTERS
© Copyright 2024 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
© 2024 Rediff.com