Axis Bank Shares Surge as Profits Rise in September Quarter

Shares of Axis Bank surged nearly 6% after reporting a 19.29% increase in net profit for the September quarter. The bank's core net interest income grew by 9%, and non-interest income rose by 34%. Axis Bank reported strong performance despite challenges in the unsecured lending segment.

Shares of Axis Bank saw a significant boost on Friday, jumping nearly 6% after the bank reported a 19.29% increase in consolidated net profit for the September quarter. The stock settled at Rs 1,195.25 on the BSE, having peaked at Rs 1,203.70 during the trading session, marking it as the top gainer among Sensex and Nifty companies.

At the NSE, Axis Bank's stock rose by 5.75% to reach Rs 1,196.95. The company's market valuation increased by Rs 19,555.4 crore, reaching Rs 3,69,758.19 crore. Despite strong overall performance, the bank reported challenges in its unsecured lending segment.

The third largest private sector lender in India also noted an 18% rise in standalone net profit to Rs 6,917.57 crore in the July-September quarter. The growth was supported by a 9% increase in core net interest income and a 34% rise in non-interest income, boosted by a substantial Rs 1,111 crore gain from trading income.

(With inputs from agencies.)