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Axis Bank shares jump over 9% post earnings announcement; mcap climbs

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Shares of rallied over 9 per cent on Friday after the firm reported a 66.29 per cent jump in consolidated net profit for the September quarter.

The stock jumped 8.96 per cent to settle at Rs 900.25 apiece on the BSE. During the day, it advanced 9.53 to its 52-week high of Rs 905.

On the NSE, it rallied 9.46 per cent to end at Rs 904 apiece.

Its market capitalisation (mcap) also jumped Rs 22,757.86 crore to Rs 2,76,592.86 crore.

The stock emerged as the biggest gainer on both Sensex and Nifty.

In volume terms, 19.64 lakh shares of the firm were traded on the BSE and 5.80 crore shares on the NSE during the day.

The 30-share BSE benchmark climbed 104.25 points or 0.18 per cent to settle at 59,307.15.

On Thursday, reported a 66.29 per cent jump in consolidated net profit for September quarter at Rs 5,625.25 crore, driven by a substantial decrease in bad loan provisions and margin expansion.

On a standalone basis, the third largest private sector lender reported a 70 per cent increase in its profit after tax for the July-September period at Rs 5,329.77 crore.

The core net interest income rose 31 per cent to Rs 10,360 crore on the back of a 14 per cent growth in assets and a 0.57 per cent expansion in the net interest margin at 3.96 per cent.

On the asset quality front, there was an improvement in the gross non-performing assets ratio at 2.50 per cent as against 3.53 per cent in the year-ago period and 2.76 per cent at the end of the June quarter.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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