Axis Bank Shares Jump Over 6% After Stellar Show In Q3

The stock of the bank surged 6.42 per cent to Rs 749.60 on the BSE during intra-day trade

New Delhi: Private lender Axis Bank’s shares on Tuesday jumped over 6 per cent after the bank’s consolidated net profit for the December quarter (Q3) zoomed almost three times.

The stock rose 6.42 per cent to Rs 749.60 on the BSE during intra-day trade. 

Axis Bank’s consolidated net profit for the December quarter surged nearly threefolds to Rs 3,973 crore.

On a standalone basis, the third-largest private sector lender in India on Monday clocked a profit after tax of Rs 3,614 crore, as against Rs 1,116 crore in the year-ago period and Rs 3,133 crore in the preceding September quarter.

The bank’s core net interest income grew 17 per cent to Rs 8,653 crore on the back of a 17 per cent loan growth and a marginal expansion in the net interest margin to 3.53 per cent, when adjusted for the benefit of a tax refund in the year-ago period.

Its non-interest income grew 15 per cent to Rs 3,344 crore, helped by a 16 per cent growth in the retail fees which now constitutes 65 per cent of the income line.

Axis Bank on Monday posted 18 per cent YoY growth in retail loans, 20 per cent growth in SME loans, and 13 per cent growth in corporate loan book. The credit card spend of the bank rose by 52 per cent from a year-ago period.

The overall provisions came down to Rs 1,334.83 crore for the bank, as against Rs 3,757.20 crore in the year-ago period, and the over Rs 5,000 crore in excess provisions for Covid-19 were untouched.

With inputs from PTI