Axis Bank’s share price fell more than 5% to a 52-week low during intraday trading on Friday, January 17, after the private sector lender’s third-quarter (Q3FY25) earnings fell short of Street forecasts. The bank recorded a 3.83 percent YoY growth in net profit for the December quarter at ₹6,304 crore, compared to ₹6,071 crore in the same period last year. However, sequentially, net profit declined by 9% from ₹6,917.57 crore in the July-September period.
Axis Bank Q3 Results
Axis Bank, a private sector lender, announced on Thursday that its standalone net profit for the December 2024 quarter increased by 4.49%. Compared to Rs 6,071 crore in the third quarter of the previous fiscal year, profit increased to Rs 6304 crore in the third quarter. In the third quarter of the preceding fiscal year, net interest income (NII) increased 9% year over year to Rs 13,606 crore from Rs 12,532 crore. In Q3 of FY25, the Net Interest Margin (NIM) was 3.93%.
In the most recent quarter, operating profit increased 15.23% to Rs 10,534 crore from Rs 9141.24 crore in the third quarter of the previous fiscal year. For the third quarter of 2023, gross non-performing assets (GNPAs) were 1.46%, down 12 basis points from the December quarter’s 1.58%. Net non-performing assets (NNPAs) were 0.35% in the most recent quarter, compared to 0.36% in the same period of the prior fiscal year.After earning Rs 27961.14 crore in the same quarter of the previous fiscal year, interest earned in Q3 increased to Rs 30,954 crore.
Axis Bank Share Price Trend
Axis Bank stock plummeted 5.4 percent to ₹982.50, a 52-week low. In July 2024, the banking stock reached a peak of ₹1,339.55, but is now over 27% lower. Over the last year, the stock has lost more than 4%, with a 6% drop in January alone, extending losses for the fourth consecutive month.
About the Company
The third-biggest private sector bank in India is Axis Bank Limited. To client groups that include large and mid-corporate, MSMEs, retail, and agricultural enterprises, the Bank provides the full range of financial services. It offers a full range of financial and banking services, including as treasury operations, wholesale banking, and retail banking. The 1949 Banking Regulation Act serves as the main law governing the Bank. By March 31, 2024, the Bank will have branches abroad in Singapore and DIFC-Dubai, as well as an offshore banking unit at Gujarat International Finance Technology City (GIFT City), Gandhinagar, India’s International Financial Service Centre (IFSC).Treasury, retail, corporate/wholesale, and other banking activities are the four business sectors of the Bank.
