Axis Bank stock rose as much as 6.5 per cent to hit record highs on Friday and was major gainer on the Nifty 50 index, a day after the private lender posted a better-than-expected 70 per cent rise in profit in September. quarter.
On NSE, Axis Bank stock was trading at Rs 874.70 per share, rising nearly 6 per cent to hit a record high of Rs 879.85 per share.
On Thursday, the private lender reported a 66.29 per cent rise in its consolidated net profit for the September quarter at Rs 5,625.25 crore. This increase was primarily due to margin expansion and a significant drop in bad loan charges.
The third largest private sector lender reported a 70 per cent rise in profit after tax for the July-September period, totaling Rs 5,329.77 crore.
Assets rose 14 per cent, while net interest margin rose 0.57 percentage points to 3.96 per cent, leading to a 31 per cent increase in principal net interest income to Rs 10,360 crore.
Against a profit of Rs 473 crore in the same period last year, there was a loss of Rs 86 crore on the business income side, however, other income grew by 4 per cent at Rs 3,941 crore.
The bank’s managing director and chief executive Amitabh Choudhary said the bank has already met the year-end forecast on NIM, and that the bank will now look at expansion options more carefully while maintaining margins.