Post the Q3 numbers, Axis Bank share price fell 5 per cent at Rs. 456.55.
The private sector lender Axis Bank declared that its net profit for December quarter degrew 73 per cent to Rs 579.57 crore, owing to the rise in fresh slippages. The lender had registered a net profit of Rs 2,175.30 crore for the year-ago quarter. The fresh slippages for the quarter stood at Rs 4,560 crore as compared with Rs 2,082 crore in the year-ago quarter.
It also informed that the gross non-performing assets (NPAs) for the quarter rose to 5.22 per cent of total advances as of December 31 from 4.17 per cent reported logged for the September quarter. The bank’s provision coverage, as a proportion of gross NPAs which includes prudential write-offs, improved to 64 per cent from 60 per cent as on September 30.
As on December 31, fund based outstanding on the bank’s watch list slipped 20 per cent over the previous quarter and stood at Rs 11,091 crore. The watch list decreased to 2.8 per cent of customer assets in December quarter, from 3.5 per cent in the second quarter and 6.2 per cent as on March 31.
Net interest income (NII), the difference between interest earned from lending activities and interest paid to depositors, increased 4 per cent for the quarter to Rs 4,334 crore. Meanwhile, the bank reported net interest margin (NIM) of 3.43 per cent for the December quarter.
Axis Bank share price rallied nearly 10 per cent since 10 January. In intraday trade, the stock touched a high and low of Rs 461.40 and Rs. 452.65. The stock is trading at Rs. 456.55. Till now, around 1,04,38,073 shares are traded on the counter , showing a 1.29 times spurt in its volume.
For further details on the stock, refer to Axis Bank share price history.
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