Reuters

Axis Bank Ltd, India’s third biggest private-sector lender, on Tuesday posted a surprise fourth-quarter loss of 13.88 billion rupees ($182.96 million), as it set aside more funds to cover a potential rise in bad loans in a coronavirus-hit economy. Mumbai-based Axis Bank booked provisions of 77.30 billion rupees for the quarter, or nearly three times higher than the year-ago period, including 30 billion rupees towards COVID-19. Separately on Tuesday, Axis Bank said it would buy a 29% stake in insurer Max Life Insurance for about 15.90 billion rupees, giving the lender a seat among rival banks who already have a foothold in the country’s life insurance industry.

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