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Axis Bank's shares tumbled over 5% on Friday after earnings announcement

Shares of Axis Bank tumbled over 5 per cent in early trade on Friday a day after the company reported a 49.77 per cent jump in its consolidated net profit for the March quarter.

Topics
Axis Bank | Axis Bank shares | Indian banking sector

Press Trust of India  |  New Delhi 

Axis Bank
Axis Bank

Shares of tumbled over 5 per cent in early trade on Friday a day after the company reported a 49.77 per cent jump in its consolidated net profit for the March quarter.

The stock tanked 5.23 per cent to Rs 739.10 on the BSE.

At the NSE, it tumbled 5.21 per cent to Rs 739.10 apiece.

on Thursday reported a 49.77 per cent jump in its consolidated net profit for the March quarter at Rs 4,434 crore, helped by a steep reduction in money set aside for bad debts.

On a standalone basis, the third-largest private sector lender reported a 54 per cent jump in its post-tax net at Rs 4,118 crore. For the fiscal year 2021-22, it reported a 98 per cent jump in its post-tax profit at Rs 13,025 crore.

The stock of gross non-performing assets declined to 2.82 per cent from 3.70 per cent in the year-ago period, while the gross slippages came at Rs 3,981 crore, as against Rs 4,147 crore in the preceding December quarter and Rs 5,285 crore in the year-ago period.

" earnings were mixed as operating income missed estimates by 4 per cent due to weaker margins although PAT was at Rs 41.2 bn driven by lower provisions (due to stronger recoveries)," according to Gaurav Jani- Research Analyst at Prabhudas Lilladher.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, April 29 2022. 12:46 IST
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