BENGALURU (Reuters) – India’s Axis Bank reported fourth-quarter profit above estimates on Wednesday, helped by strong loan growth and higher net interest income.
The private bank reported a standalone net profit – which excludes its subsidiaries – of 71.30 billion Indian rupees ($856.3 million) for the quarter ended March 31, while analysts had expected a profit of 55.40 billion rupees, as per LSEG data.
Axis Bank had reported a loss of 57.28 billion rupees in the year-ago period, weighed down by one-time expense incurred due to its $1.41 billion Citi deal.
Its net interest income – the difference between interest earned and paid – rose 11.5% to 130.89 billion rupees, as per Reuters calculations.
Indian banks have continued to focus on strengthening deposit growth amid rising costs due to tighter liquidity conditions in the banking system, despite higher consumer spending keeping loan growth afloat in the face of high interest rates.
($1 = 83.2690 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru; Editing by Varun H K)
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