Axis Bank Shares Surge 6% on Strong Earnings

New Delhi, Oct 18 (PTI) Shares of Axis Bank on Friday jumped nearly 6 per cent after the firm's consolidated net profit for the September quarter increased 19.29 per cent.

The stock climbed 5.57 per cent to settle at Rs 1,195.25 on the BSE. During the day, it soared 6.31 per cent to Rs 1,203.70.

It emerged as the biggest gainer among the Sensex and Nifty firms.

At the NSE, it surged 5.75 per cent to Rs 1,196.95.

The company's market valuation soared Rs 19,555.4 crore to Rs 3,69,758.19 crore.

Axis Bank's consolidated net profit for the September quarter rose by 19.29 per cent to Rs 7,401.26 crore, but the lender reported a pain in the unsecured lending segment.

On a standalone basis, the third largest private sector lender's net profit grew 18 per cent to Rs 6,917.57 crore in the July-September quarter of FY2024-25.

The bank, which is among the first major lenders to report its earnings for the quarter, saw the core net interest income grow by 9 per cent to Rs 13,483 crore during the quarter on the back of an 11 per cent increase in the net advances and the net interest margin narrowing by 0.12 per cent to 3.99 per cent.

The non-interest or other income shot up 34 per cent to Rs 6,722 crore, helped majorly by a Rs 1,111 crore gain on the trading income front.

The bank managed a 14 per cent growth in the total deposit front and made it clear that it is not using price as a lever to attract liabilities.

Its total income increased to Rs 37,142 crore during the quarter under review against Rs 31,660 crore in the same period last year, Axis said in a regulatory filing on Thursday.