Axis Bank stock rises over 3 % post Q4 result

Axis Bank shares gained over 3 per cent Friday after the company reported a net profit of Rs 1,505 crore for the March quarter of 2018-19, driven by a significant decline in provisioning and higher interest income. The scrip rose by 3.25 per cent to Rs 765 on the BSE. On NSE, shares went up by 3.27 per cent to Rs 765.15.

“Axis Bank reported strong Q4 FY19 results, with higher-than-expected profits of Rs 15 billion,” as per a report by Emkay Global Financial Services.

Axis Bank announced its earnings for the March quarter post market trading hours Thursday. The bank had a net loss of Rs 2,188 crore in the January-March quarter of 2017-18. Gross non-performing assets (NPAs) as a percentage of loans declined to 5.26 per cent in the March quarter of 2018-19, from 6.77 per cent in the same period in the previous fiscal, Axis Bank said in a filing to the BSE. The board of Axis Bank approved a dividend of Re 1 per equity share of Rs 2 each.