Axis Bank Q1 review: Why did shares fall 3.5% despite 91% surge in profit?

According to analysts, Axis' earnings beat was led by NIM expansion, and credit cost being restricted at less than 20 bps

Axis Bank Q1 review: Shares of Axis Bank dropped 3.5 per cent to Rs 702 apiece on the BSE in Tuesday’s intra-day trade as investors booked profit in the counter post astounding June quarter (Q1FY23) results. Analysts described Axis’ Q1 earnings as “focused earnings delivery, post balance sheet strengthening phase”.

The Mumbai-based lender best Street estimates as it reported net profit of Rs 4,125.26 crore, up 91 per cent year-on-year. Net interest income (NII) growth was 21 per cent on year, at Rs 9,384 crore, and in-line with estimate. The bank calibrated its growth to improve net interest