Axis Bank more than doubles loan provisions for troubled sectors

Third largest private sector lender Axis Bank is setting aside more capital, more than twice over the regulatory requirements, for loans in sectors it has identified as "stressed", a senior official has said.

The bank is maintaining a standard asset provisioning of 1 percentage point for bad loans in such sectors, as against the regulatory provision of 0.40 per cent, its executive director Rajiv Anand told PTI.

The move, which is being followed at least since April, comes amid continuing concerns on high quantum of non-performing assets in its book. The high level of NPAs and the ensuing provisioning have impacted the profits of a