Axis Financial institution shares tumbled over 5% on Friday after earnings announcement

Shares of Axis Financial institution fell over 5 per cent in early commerce on Friday, a day after the corporate reported a 49.77 per cent bounce in consolidated internet revenue for the March quarter.

The inventory closed 5.23 per cent decrease at Rs 739.10 on the BSE.

It closed at Rs 739.10 per share, down 5.21 per cent on the NSE.

Axis Financial institution on Thursday reported a 49.77 per cent bounce in its consolidated internet revenue at Rs 4,434 crore for the March quarter, helped by a pointy discount in funds put aside for dangerous loans.

On a standalone foundation, the third largest personal sector lender reported a 54 per cent bounce in its after-tax internet to Rs 4,118 crore. For FY 2021-22, it reported a 98 per cent bounce in its revenue after tax at Rs 13,025 crore.

The inventory of gross non-performing belongings declined to 2.82 per cent from 3.70 per cent within the year-ago interval, whereas gross slippages got here right down to Rs 3,981 crore, as in opposition to Rs 4,147 crore within the previous December quarter and Rs 5,285 crore within the earlier fiscal. years in the past interval.

In keeping with Gaurav Jani, Analysis Analyst, Prabhudas Lilladher, “Axis Financial institution earnings have been blended as working earnings declined by 4 per cent on account of weak margins, although PAT stood at Rs 41.2 billion.”

(Solely the title and picture of this report might have been reworked by Enterprise Commonplace employees; the remainder of the content material is generated mechanically from a syndicated feed.)

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