Axis Bank drops in volatile trade

Axis Bank lost 2.76% to Rs 552.75 at 14:41 IST on BSE after the bank reported 46.3% fall in net profit to Rs 701.09 crore on 11.74% rise in total income to Rs 15702.01 crore in Q1 June 2018 over Q1 June 2017.

The result was announced after market hours yesterday, 30 July 2018.

Meanwhile, the S&P BSE Sensex was up 32.80 points or 0.09% at 37,527.20

On the BSE, 7.83 lakh shares were traded on the counter so far as against the average daily volumes of 3.35 lakh shares in the past two weeks. The stock saw high intraday volatility. The stock had hit a high of Rs 584.95 and a low of Rs 551.75 so far during the day. The stock had hit a 52-week high of Rs 627.50 on 23 January 2018 and a 52-week low of Rs 447.80 on 23 October 2017.

The large-cap bank has equity capital of Rs 513.60 crore. Face value per share is Rs 2.

Axis Bank's core operating profit grew by 23% to Rs 4269 crore in Q1 June 2018 over Q1 June 2017. The bank's Net Interest Income (NII) grew by 12% to Rs 5167 crore. Net interest margin stood at 3.46% in Q1 June 2018.

As on 30 June 2018, the bank's gross NPA and net NPA levels were 6.52% and 3.09% respectively, as against 6.77% and 3.40% respectively as on 31 March 2018. Provision coverage, as a proportion of Gross NPAs including prudential write-offs, stood at 69%.

Axis Bank is one of the biggest private sector banks in India. As on 30 June 2018, the bank had a network of 3,779 domestic branches and extension counters situated in 2,211 centres and 12,834 ATMs.

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