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Axis Bank share gains over 6% post Q3 earnings; top Sensex gainer

BusinessToday.In     January 28, 2021

Axis Bank share price was the top gainers on BSE today, rising over 6%, after the private sector lender reported a 36% YoY fall in profit at Rs 1,116.6 crore for the quarter ended December 2020 against Rs 1,757 crore in the corresponding period.

The bank's provisions and contingencies increased by 32% YoY to Rs 4,604.28 crore in Q3FY21 and half a per cent over the previous quarter.

At the end of December 2020, its net interest income grew 14.3% YoY to Rs 7,372.76 crore. NII in Q3FY20 was at Rs 6,452.98 crore. Company's net loans grew at 6% YoY.

Deposits in Q3FY21 increased 11% to Rs 6.54 lakh crore compared to the corresponding period.

In a volatile trading session, the stock price of Axis Bank opened with a loss of 2.36% today at its day's low of Rs 617. Later, the stock hit the day's high of Rs 674.4, rising 6.73%.

Axis Bank stock trades higher than  5, 20, 50, 100 and 200-day moving averages.

Axis Bank share has gained 8% in a month and 8% year-to-date. However, the stock has fallen 0.73% in the last week.

Market capitalisation of the lender stood at Rs 2,05,392.30 crore. The stock has touched a 52-week high of Rs 760.60

 and a 52-week low of Rs 285. Share of the private lender, with Rs 2 face value has fallen 9% in one year.  

Meanwhile, the private banking index was down 0.78% on BSE. Broader market indices continued falling sharply for the fifth consecutive session on Thursday, the derivatives expiry day and closed 1% lower each, amid weak global equities. Ahead of the upcoming 2021 budget, Sensex ended 535 points lower at 46,874 and Nifty fell by 149 points to 13,817.

"The gross NPA ratio as per said IRAC norms (Income Recognition and Asset Classification) as on December 2020 would have been 4.55 per cent and net NPA ratio would have been 1.19 per cent. This reflects the decline of 45 bps and 90 bps, respectively on a YoY basis and an increase of 27 bps and 16 bps on NPA and NPA, respectively on a sequential basis," Axis Bank said. in its regulatory filing.

Axis Bank shares closed 6.16% higher at Rs 670.85 on BSE today.

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