Axis Bank shares edged up in a strong market after the private sector bank reported turnaround results in the quarter ended March 2021. Axis Bank reported net profit of Rs 2,677 crore for the quarter ended in March 2021 due to a sharp decrease in provisions for bad debts. He had reported a loss of Rs 1,387.8 crore during the corresponding period. As of 9:30 am, shares of Axis Bank were trading at Rs 710, up 0.5 percent on BSE.
Axis Bank’s net interest income increased 11 percent to Rs 7,555 crore in Q4 from FY21 from Rs 6,807.7 crore during the corresponding period.
Axis Bank said its total deposits increased 10% at period end and 9% year-on-year based on quarterly average balance (QAB).
The BSE Sensex was at 49,265.20, an increase of 331.75 points or 0.68 to 0.65% and the NSE Nifty was at 14,745, up 91.20 points or 0.68% to l ‘time.