January 29, 2019 / 10:58 AM / 10 months ago

India's Axis Bank third-quarter profit surges, beats estimates

Jan 29 (Reuters) - Axis Bank Ltd, in its last quarter led by former Chief Executive Shikha Sharma, reported a better-than-expected 131.4 percent jump in profit on Tuesday, boosted by higher interest income backed by strong loan growth.

Net profit rose to 16.81 billion rupees ($236.42 million) for the three months to Dec. 31 from 7.26 billion a year earlier, India's third-biggest private sector lender by assets said bit.ly/2SdfPqe.

That beat the 11.97 billion rupees forecast on average by 24 analysts, I/B/E/S data from Refinitiv showed.

Gross non-performing loans fell to 5.75 percent of total loans at the end of December from 5.96 percent in the previous quarter but were higher than the 5.28 percent a year earlier.

$1 = 71.1025 Indian rupees Reporting by Chris Thomas in Bengaluru; editing by Jason Neely

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