Shares in private lender Axis Bank surged over 8% to hit a fresh 52-week high in intraday trading on Friday after reporting strong growth in bottom line earnings for the second quarter ending September 2022, which was driven by lower provisions and an improvement in assets was attributed to quality.
At the time of filing, Axis Bank stock was up 8.19% at 893.90. Bank stock is up 11.88% over the past week; 10.91% in the last month; 11.48% in the last six months; and 28.38% in the year-t-date period.
The country’s third largest private lender has reported consolidated net profit of £5,625 billion for the quarter ended September 2022, up 66% from £3,383 billion in the same period last year. On a standalone basis, profit rose 70% to £5,330m from £3,133m in the same quarter last year.
Amitabh Chaudhry, MD and CEO of Axis Bank said: “Over the past 12 months we have made significant progress in all identified priority areas. The focus on customer obsession and digitization gets our acquisition engine humming. Core operating profits and margins increased on strong performance across all businesses. We are building a high-quality, granular, customer-centric franchise while expanding our network and services into semi-urban and rural regions to capitalize on Bharat’s opportunities. We are excited about the future of Axis Bank. ”
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