Axis Bank Stocks Surge Post Impressive Quarterly Results

Shares of Axis Bank witnessed a significant surge on Tuesday, closing nearly 5% higher following the company's announcement of a 4% growth in profit for the December quarter. The stock closed at Rs 1,314.45 on the BSE, marking an increase of 4.31%.

Axis Bank reported a net profit of Rs 7,010.65 crore for the December quarter, compared to Rs 6,742.99 crore a year ago. Its standalone profit improved to Rs 6,489.57 crore, driven by a 5% growth in core net interest income, despite a reduction in net interest margin.

Chief Executive Amitabh Chaudhry outlined the bank's ambitious growth targets, emphasizing sustainable expansion. The bank also showed improvements in gross non-performing asset ratios and saw its provisions rise compared to the year-ago period.