Shares of Axis Bank surged nearly 5% in trade on Tuesday after the company reported a strong set of numbers during the third quarter of the ongoing financial year. The stock is currently trading at Rs 1309.80 after the bank reported Q3 earnings on Monday where the market was closed due to 77th Republic Day.
Axis Bank delivered a healthy core operating performance, supported by stable net interest income (NII) and strong fee income. The bank also reported robust deposit growth, aided by healthy CASA inflows. Loan growth remained strong, with retail and granular loan disbursements increasing steadily. The bank's asset quality remained stable throughout the quarter.
- Profit [GU] 2.9% At Rs 6,490 crore Vs Rs 6,304 crore YoY
- Op Profit [GU] 3.2% At Rs 10,876 crore Vs Rs 10,534 crore YoY
- NII [GU] 5% At Rs 14,287 crore Vs Rs 13,606 crore YoY
- Gross NPA At 1.4% Vs 1.46% QoQ
- Net NPA At 0.42% Vs 0.44% QoQ
- Provisions [GU] 4.2% At Rs 2,246 crore Vs Rs 2,156 crore YoY
Overall advances grew 14% year‑on‑year and 4% quarter‑on‑quarter. The bank's focus segments registered 12% YoY and 3% QoQ growth. Retail loans rose 6% YoY. Axis Bank's capital adequacy ratio stood at 16.55%.
The gross slippage ratio came in at 2.11%, improving by 2 basis points year‑on‑year, while the net slippage ratio stood at 1.11%, improving by 29 basis points YoY. The bank's net credit cost was 0.76%, down 4 basis points compared to the previous year.
Axis Bank Share Price Today
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The scrip rose as much as 4.95% to Rs 1309.80 apiece on Tuesday. This compares to a 0.38% growth in the NSE Nifty 50 Index.
Total traded volume so far in the day stood at 4.90 times its 30-day average. The relative strength index was at 53.90.
Out of 50 analysts tracking the company, 47 maintain a 'buy' rating, three recommend a 'hold,' and none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 1493.98 implies an upside of 12.5%.
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