Axis Bank posts first quarterly loss since listing in 1998 at Rs 21.89 bn

Gross bad loans as a percentage of total loans rose to 6.77% at end-March

Axis Bank Ltd, India's third-biggest private sector lender by assets, reported a surprise fourth-quarter loss, plagued by a rise in provisions for bad loans. This is the first time the bank has posted quarterly loss since its listing in 1998. 

Private sector Axis Bank on Thursday reported a net loss of Rs 21.88 billion for the quarter ended March 2018 due to higher provisioning for bad loans.

The bank had, however, registered a net profit of Rs 12.25 billion in the same quarter of fiscal ended March 2017.

The lender substantially raised its provisioning to cover for bad loans and contingencies during