Axis Bank down 7%

Axis Bank is not doing too well on the bourses today; opening almost 3% lower at Rs.1206.95, the stock price slipped down to Rs.1156, down around 7% and is currently trading around the same levels. It is among the top three losers on the BSE.

The market has given its Q1FY25 performance a big thumbs down. On a 12% (YoY) rise in NII at Rs.13,448 crore, the Bank posted a 4% increase in net profit at Rs.6035 crore. Its operating profit was up 15% at Rs.10.106 crore.

The market is more concerned with the asset quality of the Bank. Its Gross NPA was at 1.54% v/s 1.43% while Net NPA was at 0.34% v/s 0.31%.

Recoveries from written off accounts for the quarter was Rs.591 crore. Reported net slippages in the quarter adjusted for recoveries from written off pool was Rs.2,700 crore, of which retail was Rs.2,456 crore.