Axis Bank disappoints as Net slips 1%, warns of more pain in Q1

Mumbai: Axis Bank, the third largest private sector lender, on Tuesday negatively surprised the markets with a 1per cent drop in March quarter profit at Rs 2,154 crore on higher provisions and it proactively set aside money in a buffer expecting a deterioration in asset quality in future.  For the full year, the Shikha Sharma-led bank reported a post-tax net profit of Rs 8,349 crore, up 12 per cent.  “Our asset quality was stable compared to the preceding quarter, but we have an outlook of elevated stress…the threats remain elevated,” Chief Financial Officer Jairam Sridharan told reporter on a call.