Axis Bank shares gain 3 pc post Q4 results

Axis Bank shares gained nearly 3 per cent Friday after the company reported a net profit of Rs 1,505 crore for the March quarter of 2018-19, driven by a significant decline in provisioning and higher interest income.

The scrip rose 2.61 per cent to close at Rs 760.20 on the BSE. During the day, it jumped 3.25 per cent to Rs 765.

Shares of the company closed at Rs 757.40, 2.23 per cent higher on the NSE.

On the traded volume front, 15.26 lakh shares were traded on the BSE and over two crore shares on the NSE during the day.

"Axis Bank reported strong Q4 FY'19 results, with higher-than-expected profits of Rs 15 billion," a report by Emkay Global Financial Services said.

The lender announced its earnings for the March quarter post market trading hours Thursday.

It reported a loss of Rs 2,188 crore in the January-March quarter of 2017-18.

Gross non-performing assets (NPAs) as a percentage of loans declined to 5.26 per cent in the March quarter of 2018-19, from 6.77 per cent in the same period of the previous fiscal, Axis Bank said in a filing to the BSE.

The bank's board approved a dividend of Re 1 per equity share of Rs 2 each.