Share price of Axis Bank, the country's third largest private lender, surged 4.56 per cent on Tuesday, a day after the company posted 224 per cent surge in its third quarter profit year-on-year.
Defying the market trend, trading in Axis Bank share started on a positive note. Trading in the scrip started at Rs 713.70 at the Bombay Stock Exchange on Tuesday against its previous day's close at Rs 704.35.
Axis Bank share was trading at Rs 736.50 at around 10.05 am at the BSE, which is 4.56 per cent higher when compared with the previous day's close.
Share price of Axis Bank touched a high of Rs 738.20 in the early morning trade.
Axis Bank share price has surged due to a robust third quarter results. The Bank on Monday said its net profit surged 224 per cent to Rs 3,614 crore during the third quarter of the current financial year as compared with the same quarter of last year. On quarter-on-quarter basis the private lender's net profit has increased by 15 per cent.
The company announced its financial numbers after closing of trade on Monday.
The Bank's Net Interest Income (NII) grew by 17 per cent year-on-year and 10 per cent quarter-on-quarter to Rs 8,653 crore. Net interest margin (NIM) for the third quarter of 2021-22 improved by 14 bps quarter-on-quarter to 3.53 per cent.
( With inputs from ANI )
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