October 22, 2019 / 10:53 AM / 2 months ago

India's Axis Bank posts surprise quarterly loss on tax charge

FILE PHOTO: A customer enters a branch of Axis Bank in Mumbai, India, January 22, 2018. REUTERS/Danish Siddiqui

BENGALURU (Reuters) - India’s Axis Bank Ltd (AXBK.NS) reported a surprise loss for the second quarter on Tuesday, hurt by a one-off tax expense of 21.38 billion rupees ($301.22 million).

Net loss came in at 1.12 billion rupees ($15.78 million) for the three months to Sept. 30, compared with a profit of 7.90 billion rupees last year, the Mumbai-based private-sector lender said in a filing here to the exchanges.

Nineteen analysts, on average, had expected a profit of 11.51 billion rupees, according to Refinitiv data.

Adjusted for the tax charge, Axis Bank would have reported a profit of 20.26 billion rupees for the quarter, up 157% from a year ago, the bank said.

Gross bad loans as a percentage of total loans, a measure of asset quality, eased to 5.03% by the end of September, compared with 5.25% in the previous quarter, and 5.96% during the same period last year.

Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V

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