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1 min read | Updated on July 25, 2024, 12:52 IST
SUMMARY
Axis Bank's stock fell nearly 7% on Thursday morning following the release of its June quarter earnings, which failed to meet investor expectations. The stock dropped to ₹1,156 on the BSE and ₹1,155 on the NSE. Despite a 5.66% rise in consolidated net profit to ₹6,436 crore, challenges in asset quality impacted results.
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Axis Bank on Wednesday reported a 5.66% rise in consolidated net profit for the June quarter at ₹6,436 crore.
The stock tanked 6.75% to ₹1,156 on the BSE. On the NSE, it slumped 6.75% to ₹1,155. The stock emerged as the biggest laggard among the Sensex and Nifty firms.
Axis Bank on Wednesday reported a 5.66% rise in consolidated net profit for the June quarter at ₹6,436 crore, restricted by challenges on the asset quality front.
On a standalone basis, the third biggest private sector lender reported a 4% rise in net profit at ₹6,035 crore.
The core net interest income grew 12% to ₹13,448 crore during the quarter on the back of the net interest margin (NIM) staying stable at 4.05% and 14% growth in advances. The other income grew 14% to ₹5,783 crore during the quarter.
The bank witnessed a jump in gross slippages to ₹4,793 crore during the quarter as against ₹3,471 crore in the March quarter and ₹3,990 crore in the year-ago period.
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