For Quick Alerts
For Daily Alerts

Axis Bank Shares Jump Over 8% After Q1 Results

By Staff

On Wednesday, shares of Axis Bank surged as much as 8.43 percent to Rs 483.80 apiece after the private lender reported its financial results for the first quarter of the financial year 2020-21.

Axis Bank Shares Jump Over 8% After Q1 Results

The bank reported an 18.82 percent decline in its net profit for the June-ended quarter at Rs 1,112.17 crore when compared to Rs 1,370.08 crore in the same period last year. The fall in profit was largely due to higher provisions and contingencies, which were up by 15.78 percent to Rs 4,416.42 crore in the April-June period from a year ago.

The highlight of the results was a 20 percent year-on-year rise in the private sector bank's net interest income (NII) to Rs 6,985 crore.

Axis bank also made specific loan loss provisions of Rs 3,512 crore during the quarter when compared with Rs 2,886 crore in the same period last year and Rs 4,204 crore in the March-ended quarter. It has made incremental provisions aggregating Rs 733 crore in the quarter towards COVID-19, the bank said.

Brokerage firms CLSA has maintained a 'buy' rating on the stock with a price target of Rs 600. Macquarie has an 'outperform' rating for the stock.

Read more about: axis bank
Story first published: Wednesday, July 22, 2020, 10:06 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more