Axis Bank shares jump 6% despite disappointing Q4 show

Shares of Axis Bank today rose nearly 6 per cent even as the company reported a net loss of Rs 2,188.74 crore for the quarter ended March 31, 2018.

Despite opening the day on a sluggish note, the stock bounced back within minutes and surged 5.55 per cent to Rs 522 on BSE.

At NSE, shares of the company jumped 5.88 per cent to Rs 522.80.

The stock was the biggest gainer on both Sensex and Nifty.

Private sector lender Axis Bank yesterday reported a net loss of Rs 2,188.74 crore for the quarter ended March 31, 2018 due to higher provisioning for bad loans.

The bank had however registered a net profit of Rs 1,225.10 crore in the same quarter of 2016-17.

Total income of the bank during the reported quarter stood at Rs 14,559.85 crore, slightly up from Rs 14,181.31 crore earned in the same period of 2016-17.

On asset front, the gross non-performing assets (NPAs) stood at 6.77 per cent of the gross advances by end of March 2018 as against 5.04 per cent in year-ago period.