Axis Bank has moved higher by 2% at Rs 1,100, bouncing back nearly 4% from intra-day’s low, on reporting a better-than-expected 21% year-on-year (yoy) jump in net profit at Rs 1,362 crore for the quarter ended September 2013 (Q2) on back of higher net interest income and other income. The private sector bank had profit of Rs 1,123 crore in a year ago quarter.
Net interest income (interest earned minus interest expended) grew 26% at Rs 2,937 crore, while other income increased by 11% at Rs 1,766 crore on yoy basis, Axis Bank said in a statement.
Analyst on an average had expected profit of Rs 1,258 crore and net interest income of Rs 2,810 crore for the quarter.
On the asset quality front, the absolute gross and net NPA (non performing assets) levels for the bank, increased by 10% and 6% quarter on quarter respectively.
The bank’s gross NPA stood at 1.19% in Q2 against 1.10% in previous quarter while net NPA was at 0.37% against 0.35%, it added.
The stock hit a high of Rs 1,108 after the announcement of Q2 results, bouncing back 3.8% from early morning low of Rs 1,067 on NSE. A combined 5.96 million shares change hands on the counter so far on both the exchanges.
Net interest income (interest earned minus interest expended) grew 26% at Rs 2,937 crore, while other income increased by 11% at Rs 1,766 crore on yoy basis, Axis Bank said in a statement.
Analyst on an average had expected profit of Rs 1,258 crore and net interest income of Rs 2,810 crore for the quarter.
On the asset quality front, the absolute gross and net NPA (non performing assets) levels for the bank, increased by 10% and 6% quarter on quarter respectively.
The bank’s gross NPA stood at 1.19% in Q2 against 1.10% in previous quarter while net NPA was at 0.37% against 0.35%, it added.
The stock hit a high of Rs 1,108 after the announcement of Q2 results, bouncing back 3.8% from early morning low of Rs 1,067 on NSE. A combined 5.96 million shares change hands on the counter so far on both the exchanges.
