Axis Bank Q2 Result: Bank shares jump 6% in the early trade post 66% net profit growth

New Delhi: Shares of Axis Bank climbed over 6.5 per cent in morning trade on Friday, after the firm reported a 66.29 per cent jump in consolidated net profit for the September quarter. The stock jumped 6.50 per cent to its 52-week high of Rs 879.95 on the BSE.

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At the NSE, it rallied 6.53 per cent to its 52-week high of Rs 879.85. The stock emerged as the biggest gainer on both Sensex and Nifty in morning trade. The 30-share BSE benchmark climbed 292.97 points or 0.49 per cent to trade at 59,495.87.

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Axis Bank on Thursday reported a 66.29 per cent jump in consolidated net profit for September quarter at Rs 5,625.25 crore, driven by a substantial decrease in bad loan provisions and margin expansion. On a standalone basis, the third largest private sector lender reported a 70 per cent increase in its profit after tax for the July-September period at Rs 5,329.77 crore.

The core net interest income rose 31 per cent to Rs 10,360 crore on the back of a 14 per cent growth in assets and a 0.57 per cent expansion in the net interest margin at 3.96 per cent.
On the asset quality front, there was an improvement in the gross non performing assets ratio at 2.50 per cent as against 3.53 per cent in the year-ago period and 2.76 per cent at the end of the June quarter.