Axis Bank shares jump over 2 pc post Q2 earnings

Shares of Axis Bank Monday rose over 2 per cent after the company reported a 83 per cent jump in its net profit for the quarter ending September.

The stock gained 2.35 per cent to settle at Rs 624.30 on BSE. Intra-day, it surged 3.76 per cent to Rs 632.90.

On NSE, shares of the company rose by 2 per cent to end at Rs 623.10.

In terms of equity volume, 15.37 lakh shares of the company were traded on BSE and over 2 crore shares changed hands on NSE during the day.

Private lender Axis Bank Friday reported a 83 per cent jump in its net profit at Rs 790 crore for the quarter ending September on the back of healthily growth in core income and a decline in provisions for bad loans.

 

The bank had registered a net profit of Rs 432 crore in the July-September quarter of 2017-18, according to a company statement.

Total income of the bank rose to Rs 15,959.37 crore during the second quarter of 2018-19 as against Rs 13,820.62 crore in the same period of the preceding fiscal.

The net non-performing assets (NPAs) fell to 2.54 per cent as on September 30, 2018 as against 3.12 per cent in the same period a year ago.

Provisions and contingencies for the quarter were reduced to Rs 2,927.38 crore from Rs 3,140.41 crore parked for September quarter of 2017-18.