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Axis Bank jumps after robust Q3 results

Capital Market 

Axis Bank rose 4.30% to Rs 689.20 at 9:17 IST on BSE after net profit rose 131.38% to Rs 1680.85 crore on 26.66% increase in total income to Rs 18130.42 crore in Q3 December 2018 over Q3 December 2017.

The result was announced after market hours yesterday, 29 January 2019.

Meanwhile, the S&P BSE Sensex was up 168.30 points, or 0.47% to 35,760.80.

On the BSE, 1.95 lakh shares were traded in the counter so far compared with average daily volumes of 5.17 lakh shares in the past two weeks. The stock had hit a high of Rs 699.80 and a low of Rs 685 so far during the day. The stock hit a 52-week high of Rs 699.80 on 30 January 2019. The stock hit a 52-week low of Rs 477.50 on 4 April 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 30,854.67 crore as on 31 December 2018 as against Rs 30,938.33 crore as on 30 September 2018 and Rs 25,000.51 crore as on 31 December 2017.

The ratio of gross NPAs to gross advances stood at 5.75% as on 31 December 2018 as against 5.96% as on 30 September 2018 and 5.28% as on 31 December 2017.

The ratio of net NPAs to net advances stood at 2.36% as on 31 December 2018 as against 2.54% as on 30 September 2018 and 2.56% as on 31 December 2017.

The bank's provisions and contingencies rose 8.66% to Rs 3054.51 crore in Q3 December 2018 over Q3 December 2017.

Provision coverage ratio of the bank was at 75% as on 31 December 2018.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of financial services to customer segments covering large and mid-corporates, msme, agriculture and retail businesses.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 30 2019. 09:15 IST
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