Axis Bank hits 52-week high post Q3 results

The stock moved higher to its 52-week high of Rs 621, up 5% on BSE in noon deal, after the bank reported improved assets quality in Q3FY18 sequentially.

Axis Bank has moved higher to its 52-week high of Rs 621, up 5% on BSE in afternoon deal, after the bank reported improved assets quality in October-December 2017 quarter (Q3FY18) sequentially.

“The Bank’s gross non-performing assets ratio (NNPA) reduced quarter on quarter (QOQ) from 5.90% to 5.28% and net NPA from 3.12% to 2.56%,” Axis Bank said in a statement.

The gross NPA and net NPA ratio stood at 5.22% and 2.18%, respectively as on Q3FY17.

As on Q3FY18, the Bank’s GNPA stood at Rs 250 billion and NNPA stood at Rs 118 billion. GNPA additions for Q3FY18 stood at Rs 44.28 billion, down from Rs 89.36 billion reported in Q2FY18, it added.

The brokerage firm Prabhudas Lilladher had expected GNPA and NNPA at Rs 267 billion and Rs 115 billion, respectively, for the quarter.

Meanwhile, the bank reported 25% year on year (YOY) growth in net profit at Rs 7.26 billion in Q3FY18. The net interest income (NII) grew 9% YOY to Rs 47.32 billion during Q3FY18 from Rs 43.34 billion in Q3FY17. Net interest margin for Q3FY18 stood at 3.38%, in line with analyst estimate.

At 03:13 PM; the stock was trading 4% higher at Rs 612, against 0.74% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than five-fold with a combined 21.37 million shares changed hands on BSE and NSE so far.