Profit-booking in Axis Bank after strong Q3 results, stock slumps 2%

With Tuesday's decline, the stock price of Axis Bank corrected 6 per cent from its record high level of Rs 970.45, which it had touched on January 4, 2023

Shares of Axis Bank slipped 2 per cent to Rs 918 in Tuesday’s intra-day trade, on profit booking, after the bank reported 62 per cent year-on-year (YoY) jump in standalone net profit to  Rs 5,853 crore for the October-December quarter (Q3FY23).

The private sector lender’s net interest income rose 32 per cent YoY to Rs 11,459 crore, whereas net interest margin was at 4.26 per cent, up 73 basis points YoY, and 30 bps sequentially.

On the asset quality front, the bank reported improvement with gross NPA ratio at 2.38 per cent as on December 31, down from