Shares of private sector lender Axis Bank NSE 8.09 % rallied 6.5% to Rs 879.95, therir record high,
In Friday’s intraday trade on BSE after the bank reported a 70% year-on-year.
Growth in net profit to Rs 5,330 crore for the quarter ended September 2022.
The net profit of the bank was above the ET Now poll of Rs 4,400 crore.
The net interest income of Axis Bank grew by 31% on the year to Rs 10,3
60 crore.
The strong growth in the bottom line was on the back of lower provisions.
Provisions during the quarter dropped to Rs 550 crore from Rs 1,735 crore
a year ago.
The gross non-performing asset ratio fell to 2.5% in the second quarter of FY23, from
2.76% a quarter ago and 3.53% a year ago.
The net non-performing asset ratio at 0.51% was lower than 0.64% a quarter ago and 1.08% a year ago.
The capital adequacy ratio for the private sector lender dipped to 16.52% from 17.28% a quarter ago,
and 19.23% a year ago.