Axis Bank shares edged lower on Tuesday, even as India’s fifth largest lender by market value reported a strong set of results for the October-December period driven by strong interest income, higher fees and moderating operating expenses. The Axis Bank stock weakened by Rs 10.3 or 1.1 per cent in early deals to Rs 923.1 apiece on BSE.
Minutes after the closing bell on Monday, the bank reported a 61.9 per cent year-on-year jump in quarterly net profit to Rs 5,853.1 crore, beating analysts’ estimates. Its net interest income (NII) — or the difference between interest earned and interest paid — increased 32.4 per cent to Rs 11,459.3 crore, according to a regulatory filing.
According to Zee Business research, Axis Bank was estimated to report a quarterly net profit of Rs 5,480 crore and net interest income of Rs 10,900 crore.
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Axis Bank’s net interest margin (NIM) — a key measure of profitability for lenders — improved by 30 bps sequentially to 4.26 per cent for the quarter ended December 2022.
(This story will be updated shortly)
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