Axis Bank shares fall nearly 3% after Q3 results
NEW DELHI: Shares of Axis Bank declined nearly 3 per cent in morning trade on Tuesday after the bank’s December quarter results failed to cheer investors. The stock fell 2.68 per cent to Rs 908.35 apiece in early trade on the BSE. On the NSE, it declined 2.59 per cent to Rs 908.50 apiece. The 30-share BSE sensex was trading 178.1 points or 0.29 per cent higher at 61,119.77 in morning trade. In a regulatory filing on Monday, private sector lender Axis Bank reported a 62 per cent surge in profit at Rs 5,853 crore for the quarter ended December 2022, driven by increase in net interest income and decline in bad loans. Its net profit on standalone basis stood at Rs 3,614 crore in the same quarter of the preceding financial year. Total income increased to Rs 26,892 crore in the quarter from Rs 21,101 crore in the year-ago period, the bank said. At the same time, net interest income rose by 32 per cent Rs 11,459 crore, it said, adding the net interest margin (NIM) increased to 4.26 per cent. The bank’s operating profit grew 51 per cent on annual basis to Rs 9,277 crore.