October 22, 2019 / 10:54 AM / 3 months ago

Axis Bank posts surprise quarterly loss on tax charge

Axis Bank's logo is seen next to ATM machines at its corporate headquarters in Mumbai, India July 25, 2017. REUTERS/Danish Siddiqui/File Photo

BENGALURU (Reuters) - India’s Axis Bank Ltd 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.

($1 = 70.9775 Indian rupees)

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

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