Home Business Axis Bank shares climb 6.5% to record high after solid earnings report

Axis Bank shares climb 6.5% to record high after solid earnings report

Axis Bank share price hits record high

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.

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