Axis Bank Reports 16% Drop In Q1 Profit, Sees Progress On Bad Loans

Mumbai: Axis Bank reported a smaller-than-expected 16 percent drop in quarterly profit on Tuesday and said it was making progress on containing bad loans. The bank, India's third-biggest non-state lender by assets, retained its provisioning cost guidance of 175 basis points to 225 basis points for the current financial year to March. However, finance chief Jairam Sridharan said the bank was hopeful of bringing it down in the next ye...