India Axis Bank reports Q4 loss on Citi deal
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India's Axis Bank Ltd on Thursday reported a wider-than-expected one-time loss in the fourth quarter as weak interest income growth and its $1.41 billion Citi deal dragged margins.
Axis reported a standalone loss of 57.28 billion rupees ($700.1 million), compared to a profit of 41.18 billion rupees a year earlier.
Analysts had forecast the bank to report a loss of 8.06 billion rupees, according to Refinitiv IBES data.
($1 = 81.8130 Indian rupees)
