Axis Bank shares rose more than 3 per cent on Thursday, a day after the private sector lender reported a net profit of Rs 1,757 crore for the October-December period. Axis Bank's net profit in the third quarter of current financial year was 4.53 per cent higher compared with the corresponding period a year ago, boosted primarily by lower provisioning for non-performing assets (NPAs) or bad loans.
According to a regulatory filing by the bank after market hours on Wednesday, Axis Bank's net interest income - or the difference between interest earned and interest expended - rose 15.16 per cent to Rs 6,453 crore in the October-December period.
Axis Bank's net interest margins were better than expectations, according to news agency Reuters.
Axis Bank provided a provisioning of Rs 3,471 crore for bad loans in the quarter, as against Rs 3,518.39 crore in the July-September period.
On the BSE, Axis Bank shares climbed up as much as 3.44 per cent to Rs 737.30 apiece on the BSE at the strongest level recorded during the session.
Gross non-performing assets as a percentage of total loans came in at 5.00 per cent in the quarter, as against 5.03 per cent in the previous quarter and 5.75 per cent in the quarter ended December 31, 2018.
At 11:57 am, Axis Bank shares traded 1.40 per cent higher at Rs 722.75 apiece on the BSE, outperforming the benchmark S&P BSE Sensex index which was up 0.23 per cent at 41,209.72.