Axis Bank has soared 7% to Rs 1,019 after reporting better-than-expected year-on-year (y-o-y) growth of 24% in net profit of Rs 1,102 crore for the third quarter ended December 2011, as against Rs 891 crore in the corresponding quarter of last fiscal. Analysts expected a net profit of Rs 1,004 crore from the bank.
Net interest income (NII) jumped 24% to Rs 2,140 crore from Rs 1,733 crore y-o-y basis, the country's third largest private sector lender said in a filing to the stock exchanges.
Gross non-performing assets (NPAs) came in at 1.10% in the quarter ended December FY12 as compared to 1.09% in a year ago quarter. Net NPAs stood at Rs 683 crore versus Rs 385 crore during the same period, it added.
A combined 5.1 million shares have changed hands on the counter so far, against an average around three million shares that were traded daily in past two weeks on both the exchanges.