Axis Bank shares climb over 6.5 pc post earnings announcement

New Delhi: Shares of Axis Bank climbed over 6.5 per cent in morning trade on Friday, after the firm reported a 66.29 per cent jump in consolidated net profit for the September quarter.

The stock jumped 6.50 per cent to its 52-week high of Rs 879.95 on the BSE.

At the NSE, it rallied 6.53 per cent to its 52-week high of Rs 879.85.

The stock emerged as the biggest gainer on both Sensex and Nifty in morning trade.

The 30-share BSE benchmark climbed 292.97 points or 0.49 per cent to trade at 59,495.87.

Axis Bank on Thursday reported a 66.29 per cent jump in consolidated net profit for September quarter at Rs 5,625.25 crore, driven by a substantial decrease in bad loan provisions and margin expansion.

On a standalone basis, the third largest private sector lender reported a 70 per cent increase in its profit after tax for the July-September period at Rs 5,329.77 crore.

The core net interest income rose 31 per cent to Rs 10,360 crore on the back of a 14 per cent growth in assets and a 0.57 per cent expansion in the net interest margin at 3.96 per cent.

On the asset quality front, there was an improvement in the gross non-performing assets ratio at 2.50 per cent as against 3.53 per cent in the year-ago period and 2.76 per cent at the end of the June quarter.