After Q3 results, Axis Bank shares decline more than 2%

After Q3 results, Axis Bank shares decline more than 2%

As a consequence of the bank's disappointing results for the December quarter, shares of Axis Bank fell more than 2% on Tuesday.

The private sector lender's shares decreased 2.50 percent to close at Rs 910.05 per share on the BSE. The stock's intraday high and low were Rs 934.30 and Rs 903.75, respectively.

It decreased 2.40 percent to Rs 910.30 a piece on the NSE.

Volume-wise, nearly 1.85 crore shares were exchanged on the NSE throughout the day compared to 3.70 lakh shares traded on the BSE.

Axis Bank, a private sector lender, reported a 62 percent rise in profit at Rs 5,853 crore for the quarter ending in December 2022 in a regulatory filing on Monday. This was due to a growth in net interest revenue and a decrease in bad loans.

Its standalone net profit for the same quarter of the previous fiscal year was Rs 3,614 crore.

According to the bank, the company's overall revenue grew to Rs 26,892 crore in the quarter from Rs 21,101 crore in the same quarter last year.

The net interest margin (NIM) climbed to 4.26 percent at the same period, the company said, while net interest income jumped by 32% to Rs 11,459 crore.

Operating profit of the bank increased by 51% annually to Rs 9,277 crore.

The bank saw an improvement in asset quality, with gross non-performing assets (NPAs) falling from 3.17 percent at the end of the third quarter of 2021–22 to 2.38 percent of gross loans.

The amount of provisions and contingencies climbed to Rs 1,437.73 crore from Rs 1,334.83 crore in the same period last year, despite a decrease in bad loans.

The benchmark 30-share BSE Sensex increased 37.08 points or 0.06 percent on Tuesday to close at 60,978.75.