The shares of Axis Bank on Friday (October 18) rallied over 5 per cent in the intraday trading session. This surge in the share prices comes after the company delivered a positive financial results for Q2FY25.
The stock of the company today opened at Rs 1,158.00 apiece and reached a high of Rs 1,198.95 apiece during the intraday trading session.
As of 12:52 pm IST, the shares of the company were trading at Rs 1,195.05 apiece, up by 5.58 per cent.
Axis Bank Q2 Financial Highlights
Though the bank's Q2 earnings may not have blown expectations out of the water, they certainly showed steady growth.
Axis Bank reported a net profit of Rs 6,918 crore for the September quarter, an 18 per cent increase compared to the previous year.
Net Interest Income and Operating Profit
Net Interest Income (NII) increased by 9 per cent year-on-year (YoY) to Rs 12,234 crore. Similarly, the operating profit surged 24 per cent YoY.
Other Income
In Q2FY25, the fee income for the company surged by 11 per cent and the retail fees rose by 11 per cent YoY.
Similarly, the Retail cards and payments fee also increased 10 per cent YoY and Fees from Third Party Products grew 21 per cent YoY.
"The trading income gain for the quarter stood at Rs 1,111 crores; miscellaneous income in Q2FY25 stood at Rs 103 crores. Overall, non-interest income (comprising of fee, trading and miscellaneous income) for Q2FY25 grew 34 per cent YoY to Rs 6,722 crores," said the company in the BSE exchange filing.
Amitabh Chaudhry, MD&CEO, Axis Bank said, "This quarter we balanced digital prowess and advancement with physical expansion and proximity to our customers. We have opened 150 new branches in the last three months, both urban and rural. The Bank strengthened its regional presence by laying the foundation for a new Corporate Office in Kolkata, which will be the hub for all activities in the Eastern region. We also expanded our private banking business ‘Burgundy Private’ network to 15 new cities increasing its presence to 42 locations across India, offering bespoke wealth management services in India's rapidly evolving Tier 2 markets."