Axis Bank Slides Over 3% Even After Profit Jumped 94% To Rs 2,160 Crore In June Quarter

Shares of Axis Bank have been final buying and selling 3.40 per cent decrease at Rs 730.45 on the BSE.

Share worth of Axis Bank declined greater than three per cent on Tuesday, July 27, a day after the financial institution introduced its April-Juen quarter outcomes for the monetary yr 2021-22. On Tuesday, Axis Bank opened on the BSE at Rs 752.50, inching to an intra day excessive of Rs 756.10 and an intra day low of Rs 729.50, within the buying and selling session thus far. Axis Bank reported a internet revenue of Rs 2,160.15 crore on a standalone foundation within the first quarter of the present fiscal, in comparison with Rs 1,112 crore in the identical quarter final yr, marking a development of 94.2 per cent year-on-year.

Axis Bank's internet curiosity revenue - the distinction between curiosity earned and curiosity expended, elevated 11.1 per cent to Rs 7,760.27 crore within the June quarter, in comparison with Rs 6,985.31 crore within the corresponding interval final yr.

The nation's fourth-largest personal sector financial institution by market worth reported a complete revenue of Rs 19,591.63 crore within the June quarter, rising 2.94 per cent year-on-year. Axis Bank's gross non-performing belongings (GNPAs) and internet NPA ranges have been 3.85 per cent and 1.20 per cent respectively by the top of June 2021.

Net slippages in NPAs (earlier than write-offs) for the June quarter was Rs 3,976 crore, in comparison with Rs 1,822 crores within the previous January-March quarter of fiscal 2020-21, and internet slippages of Rs 1,610 crores within the year-ago interval.

Emkay Global Financial Services has given a 'Buy' ranking for the financial institution and maintained a goal worth of Rs 960. ''The financial institution has undergone a serious transformational journey, fortified the stability sheet, and revved up the digital banking platform. We imagine it's now able to speed up development and ship a greater return ratio. Retain Buy with a TP of Rs 960,'' mentioned Emkay Global in its report.

On the NSE, Axis Bank opened at Rs 750.50, witnessing an intra day excessive of Rs 756 and an intra day low of Rs 729.10. It was final buying and selling 3.31 per cent decrease at Rs 731.25 on the NSE.

Shares of Axis Bank have been final buying and selling 3.40 per cent decrease at Rs 730.45 on the BSE.