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Strong earnings lift Axis Bank

Axis Bank advanced nearly by 6 per cent, after the private sector lender posted a 35.88 per cent jump in its third quarter net profit yesterday.

twitter-logo PTI   New Delhi     Last Updated: January 18, 2011  | 10:51 IST

Axis Bank on Tuesday advanced nearly by 6 per cent, after the private sector lender posted a 35.88 per cent jump in its third quarter net profit yesterday.

Shares of Axis Bank zoomed by 5.62 per cent to an early high of Rs 1,296.55 on the Bombay Stock Exchange.

The bank, on Monday, posted a net profit of Rs 891.36 crore for the quarter ended December 31, 2010, against Rs 655.98 crore in the corresponding period of last fiscal, which according to market experts was better-than-street expectations.

"Axis Bank net profit came ahead of expectations, driven by robust loan growth, higher fee and treasury income and lower loan loss provisions. The bank remains adequately capitalised for strong growth in the medium term," IIFL AVP, Research India Private Clients Rajiv Mehta said.

Meanwhile, the 30-share benchmark Sensex was also trading firm at 19,093.75, up 211.50 points at 1001 hours.


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