Axis Bank Q1 profit plunges 46% to Rs 7 billion as bad loans rise

Axis Bank Ltd, India's third-biggest private sector lender by assets, on Monday reported a 46 per cent fall in first-quarter profit as its bad loans continued to rise. The bank's net profit for the period ended June 30 fell to Rs 7.01 billion ($102.14 million) from Rs 13.06 billion a year ago, it said.

Analysts had expected a net profit of Rs 5.56 billion. Gross non-performing loans as a percentage of total loans fell to 6.52 per cent at end-June, compared with 6.77 per cent three months earlier, but rose year-on-year.

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