Axis Bank shares jump nearly 5 per cent after 3-fold rise in Q3 net

Shares of Axis Bank on Tuesday rallied nearly 5 per cent after the company’s consolidated net profit for the December quarter zoomed nearly three-folds. The stock jumped 4.80 per cent to Rs 738.20 on the BSE. At the NSE, it gained 4.77 per cent to Rs 738.25.

Axis Bank’s consolidated net profit for the December quarter zoomed nearly three-folds to Rs 3,973 crore.

On a standalone basis, the third largest private sector lender on Monday reported a profit after tax of Rs 3,614.24 crore, as against Rs 1,116 crore in the year-ago period and Rs 3,133 crore in the preceding September quarter.

The bank’s core net interest income grew 17 per cent to Rs 8,653 crore on the back of a 17 per cent loan growth and a marginal expansion in the net interest margin to 3.53 per cent, when adjusted for the benefit of a tax refund in the year-ago period.

Its non-interest income grew 15 per cent to Rs 3,344 crore, helped by a 16 per cent growth in the retail fees which now constitutes 65 per cent of the income line.

The overall provisions came down to Rs 1,334.83 crore for the bank, as against Rs 3,757.20 crore in the year-ago period, and the over Rs 5,000 crore in excess provisions for COVID were untouched.