Axis Bank soars 6% as Q3 net profit, asset quality improvement cheer investors

Shares of Axis Bank soared 6 percent in trade on Wednesday morning as investors cheered its results for December quarter.

The stock has touched a 52-week high of Rs 699.80. It touched an intraday high of Rs 699.80 and an intraday low of Rs 685.00.

The private sector lender reported 131 percent jump in its Q3FY19 net profit at Rs 1,681 crore, beating market estimates.

Analysts were expecting third-quarter profit growth in the range of 50-110 percent over the same period last year, partly driven by lower provisions.

The company had reported profit of Rs 726.44 crore in a year ago period.

Net interest income (NII) was up 18 percent at Rs 5603.6 crore versus Rs 4,732 crore in Q3FY18.

Gross NPA was down at 5.75% against 5.94%, while net NPA was down at 2.36% versus 2.54%, QoQ.

In the absolute term gross NPA was down at Rs 30,854.7 crore, while net NPA also down at Rs 12,233.3 crore.

Provisions for the quarter stood at Rs 3,054.5 crore against Rs 2,927.4 crore, QoQ and versus Rs 2,811 crore, YoY.

The provision coverage ratio of the bank has sequentially improved to 75 percent from 73 percent.

Net interest margin was at 3.47% against 3.36%, QoQ.

At 09:18 hrs Axis Bank was quoting at Rs 688.55, up Rs 27.75, or 4.20 percent, on the BSE.

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