recent posts

banner image

Axis Bank net profit slumps as bad loans Rise

Axis Bank Ltd on Tuesday reported an 83 percent fall in second-quarter net profit after a sharp rise in bad loans, providing more evidence of how India's banks are struggling to cope with a $138 billion distressed loan burden.

For news on Indian Stock Market Tips,Mcx Commodity Trading Tips please visit us at or call at 9303093093.

The banks' record stressed assets are mainly due to corporate loan defaults. State-controlled banks account for the bulk of the troubled loans, while among the private sector banks, ICICI Bank and Axis Bank account for the biggest chunk.

Axis Bank said its bad loans jumped to 4.17 percent of total loans as of end-September from 2.54 percent in June. About 72.87 billion rupees of loans from the bank's previously announced "watch list" of troubled loans turned non-performing in the second quarter, finance chief Jairam Sridharan told a media conference call on Tuesday.

The bank will raise provisions in the second half of the fiscal year, keeping credit costs high for the fiscal year to March, he said. But he saw the current year as the "likely peak" for bad assets. The bank still has 137.89 billion rupees worth of loans in the "watch list".

Axis Bank net profit slumps as bad loans Rise Axis Bank net profit slumps as bad loans Rise Reviewed by Ripples Advisory Private Limited on October 26, 2016 Rating: 5

No comments:

Note: only a member of this blog may post a comment.

Stay Connected

Powered by Blogger.