Axis Bank shares jump by 5 percent to reach 690 points after quarter 3 profit results

Shares of Axis Bank Wednesday ended nearly 5 percent higher after the company reported over two-fold jump in its third-quarter net profit. The shares of the bank rose 4.56 percent to settle at Rs 690.90 on BSE. During the session, it advanced 6.38 percent to Rs 703. On NSE, its shares closed with a gain of 4.57 percent at Rs 691. Axis Bank was the biggest gainer on both the indices.

Led by the gain in its share price, the company's market capitalization jumped Rs 7,744.81 crore to Rs 1,77,563.81 crore on BSE. In terms of volume, 17.83 lakh shares of the company were traded on BSE and over 4 crore shares changed hands on NSE.

Axis Bank Tuesday reported over two-fold jump in net profit to Rs 1,680.85 crore for the third quarter ended December 31. The bank had posted a net profit of Rs 726.44 crore in the corresponding period of the previous fiscal. The net interest income grew 18 percent to Rs 5,604 crore in the third quarter this fiscal.

Total income during the quarter under review rose to Rs 18,130.42 crore as against Rs 14,314.63 crore in the year-ago period, Axis Bank said in a regulatory filing. Net non-performing assets (NPAs) stood at 2.36 percent of the net advances as on December 31, 2018, down from 2.56 percent by the end of December 2017.