Axis Bank is trading higher by over 3% to Rs 1,153 levels on reporting a better-than-expected 22% year-on-year (yoy) growth in net profit at Rs 1,124 crore for the second quarter ended September, 2012. The performance comes on the back of growth in interest and fee income, as well as lower expenses. Analyst on an average expected profit of Rs 1,116 crore from the private sector bank.
The banks’ net interest income (NII) grew 16% at Rs 2,327 crore on y-o-y basis, while net interest margins (NIMs) dipped to 3.46% from 3.78% during the recently concluded quarter.
The stock opened at Rs 1,134 and touched high of Rs 1,155 on the NSE. A combined 977,050 shares have changed hands on the counter in morning deals on both the exchanges.
