Axis Bank shares dip over 2 pc after Q3 results

NewsDrum Desk
24 Jan 2023

New Delhi, Jan 24 (PTI) Shares of Axis Bank on Tuesday slipped over 2 per cent as the bank's December quarter results failed to cheer investors.

The stock of the private sector lender fell 2.50 per cent to settle at Rs 910.05 apiece on the BSE. The stock touched an intra-day high of Rs 934.30 and a low of Rs 903.75.

On the NSE, it declined 2.40 per cent to end at Rs 910.30 apiece.

In volume terms, 3.70 lakh shares were traded on the BSE and over 1.85 crore shares on the NSE during the day.

In a regulatory filing on Monday, private sector lender Axis Bank reported a 62 per cent surge in profit at Rs 5,853 crore for the quarter ended December 2022, driven by an increase in net interest income and a decline in bad loans.

Its net profit on a standalone basis stood at Rs 3,614 crore in the same quarter of the preceding financial year.

The company's total income increased to Rs 26,892 crore in the quarter from Rs 21,101 crore in the year-ago period, the bank said.

At the same time, net interest income rose by 32 per cent Rs 11,459 crore, it said, adding the net interest margin (NIM) increased to 4.26 per cent.

The bank's operating profit grew 51 per cent on annual basis to Rs 9,277 crore.

On the asset quality front, the bank recorded an improvement, with gross NPAs (Non-Performing Assets) declining to 2.38 per cent of the gross advances as compared to 3.17 per cent at the end of the third quarter of 2021-22.

Despite a decline in bad loans, provisions and contingencies increased to Rs 1,437.73 crore against Rs 1,334.83 crore in the same period a year ago.

The 30-share BSE Sensex benchmark advanced 37.08 points or 0.06 per cent higher at 60,978.75 on Tuesday. PTI HG HG BAL BAL

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