Axis Bank surges after strong Q3 earnings

Axis Bank rose 3.98% to Rs 404.10 at 9:16 IST on BSE after net profit rose 14.5% to Rs 2175.30 crore on 14.66% rise in total income to Rs 12531.11 crore in Q3 December 2015 over Q3 December 2014.

The result was announced after market hours yesterday, 20 January 2016.

Meanwhile, the S&P BSE Sensex was up 249.01 points or 1.03% at 24,311.05.

On BSE, so far 88,000 shares were traded in the counter as against average daily volume of 12.38 lakh shares in the past two weeks. The stock hit a high of Rs 407.90 and a low of Rs 398.30 so far during the day. The stock had hit a record high of Rs 655.35 on 4 March 2015. The stock had hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had underperformed the market over the past one month till 20 January 2016, sliding 10.12% compared with Sensex's 5.71% fall. The scrip had also underperformed the market in past one quarter, declining 23.6% as against Sensex's 11.88% fall.

The large-cap private sector bank has equity capital of Rs 475.89 crore. Face value per share is Rs 2.

On absolute basis, Axis Bank's gross non-performing assets (NPAs) stood at Rs 5724.05 crore as on 31 December 2015, compared with Rs 4451.11 crore as on 30 September 2015 and Rs 3901.59 crore as on 31 December 2014. The ratio of gross NPAs to gross advances stood at 1.68% as on 31 December 2015 as against 1.38% as on 30 September 2015 and 1.34% as on 31 December 2014. The ratio of net NPAs to net advances stood at 0.75% as on 31 December 2015 as against 0.48% as on 30 September 2015 and 0.44% as on 31 December 2014.

As on 31 December 2015, the bank's provision coverage, as a proportion of gross NPAs including prudential write-offs was 72%. The provision coverage before accumulated write-offs was 82%, Axis Bank said in a statement.

The bank's provisions and contingencies rose 40.5% to Rs 712.59 crore in Q3 December 2015 over Q3 December 2014.

Axis Bank is one of the biggest private sector banks in India.

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