Axis Bank's Q4 loss reflects rise in systemic risks in banking sector: S&P

Rating agency Standard and Poor’s (S&P) said today that private sector lender Axis Bank Ltd's results for the year ended March 31, 2020, underscore high levels of stress and uncertainty across the Indian banking system. Lender reported loss of Rs 1,400 crore in the fourth quarter as bank made a higher provision for bad loans including those relating to Covid-19 pandemic.  

Axis' credit costs for the quarter ended March 31, 2020 are higher than anticipated, but some of it is precautionary. Prudent provisioning will certainly help the bank take care of future credit costs, S&P said.

Axis identified that more