Axis Bank ratings unaffected by sharp rise in non-performing assets: S&P

The sharp rise in bad loans is part of a balance sheet clean-up exercise underway in the Indian banking system, the agency said in its report

Global rating agency Standard and Poor's (S&P) on Thursday said rating assigned to various instruments issued by Axis Bank were unaffected by the sharp rise in its non-performing assets.

The increase in bad loans was part of a balance sheet clean-up exercise underway in the Indian banking system, the rating agency said.

Axis Bank results for the year ended March 31, 2018, underscore high stress levels in its corporate loan portfolio and the Reserve Bank of India's commitment to recognise and resolve these issues.

The bank classified most of its stressed assets as non-performing and set aside appropriate provisions, leading