Axis Bank Shares Surge 5% After Earnings
Apr 25, 2024 10:48
Axis Bank shares climbed over 5% on Thursday after reporting a strong net profit of Rs 7,599 crore for the March 2024 quarter. The bank also expressed concerns over deposit accretion in the new fiscal.
Photograph: Danish Siddiqui /Reuters
New Delhi, Apr 25 (PTI) Shares of Axis Bank on Thursday climbed more than 5 per cent after the company reported a consolidated net profit of Rs 7,599 crore during the March 2024 quarter.
The stock advanced 5.19 per cent to Rs 1,119 on the BSE.
At the NSE, it climbed 5.29 per cent to Rs 1,119.50 apiece.
It was the biggest gainer among the BSE Sensex and NSE Nifty firms.
Axis Bank on Wednesday reported a consolidated net profit of Rs 7,599 crore during the March 2024 quarter, but expressed concerns over deposit accretion in the new fiscal.
On a standalone basis, it reported a net profit of Rs 7,130 crore in the January-March period.
The bank had posted a loss in the year-ago period as a result of the impact of the acquisition of Citi's retail business.
Sequentially, the bank's net profit grew 17 per cent, as compared to Rs 6,071 crore earnings recorded in the preceding quarter of FY24.
In the entire FY24, the bank's net profit zoomed to Rs 24,861.43 crore, from Rs 9,579.68 crore.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.