Axis Bank is trading higher by 3% at Rs 1,487 after reporting a better-than-expected 22% year-on-year (yoy) jump in net profit at Rs 1,555 crore for the quarter ended March 2013 (Q4) on back of higher interest income, growth in non-interest income.
Analyst on an average had expected profit of Rs 1,517 crore from the India’s third largest private sector lender.
The bank’s net interest income (NII) grew 24% yoy at Rs 2,665 crore during the quarter, while net interest margin (NIM) improved by 15 basis points (bps) to 3.7% from a year ago.
Income from other sources surged 26% at Rs 2,007 crore yoy basis, largely driven by a healthy growth in fee income from the Retail & SME segments.
The board has recommended the payment of dividend of Rs 18 per equity share i.e. 180% on equity shares of the bank.
Meanwhile, analyst at Angel Broking maintains BUY recommendation on stock with a target price of Rs 1,698.
“We remain positive on the bank, owing to its attractive CASA franchise, multiple sources of sustainable fee income and reasonable growth outlook,” analyst said in recent report.
The stock opened at Rs 1,471 and touched high of Rs 1,489 on NSE. A combined 1.13 million shares have changed hands on the counter so far on NSE and BSE.
Analyst on an average had expected profit of Rs 1,517 crore from the India’s third largest private sector lender.
The bank’s net interest income (NII) grew 24% yoy at Rs 2,665 crore during the quarter, while net interest margin (NIM) improved by 15 basis points (bps) to 3.7% from a year ago.
Income from other sources surged 26% at Rs 2,007 crore yoy basis, largely driven by a healthy growth in fee income from the Retail & SME segments.
The board has recommended the payment of dividend of Rs 18 per equity share i.e. 180% on equity shares of the bank.
Meanwhile, analyst at Angel Broking maintains BUY recommendation on stock with a target price of Rs 1,698.
“We remain positive on the bank, owing to its attractive CASA franchise, multiple sources of sustainable fee income and reasonable growth outlook,” analyst said in recent report.
The stock opened at Rs 1,471 and touched high of Rs 1,489 on NSE. A combined 1.13 million shares have changed hands on the counter so far on NSE and BSE.
