Axis Bank June quarter net profit falls 16% to Rs 1,360 cr

Axis Bank, India's third-biggest private sector lender by assets, reported a smaller-than-expected fall in first-quarter net profit as its bad loan additions slowed.

Net profit was down 16 per cent at 13.06 billion rupees ($202.88 million) for the three months ended June 30, Axis Bank said on Tuesday. 

Analysts on an average had expected the Mumbai-based bank to report a net profit of 12.82 billion rupees, according to Thomson Reuters data.

Gross bad loan ratio as a percentage of total loans came in at 5.03 per cent at end-June, compared with 5.04 per cent at March-end and 2.54 per cent at end of June 2016.