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The shares of Axis Bank rose as much as 3.3 per cent to ₹ 765.15, sharpest intra-day gain in over four weeks
It has posted a net profit of ₹ 1,505 crore ($214.6 million) in the fourth quarter. Last year, bank reported its first ever quarterly loss of ₹ 2,189 crore due to surge in bad loans. Fee income grew 23 per cent in the quarter, led by retail fees, which rose 37 per cent. The Q4 provisions and contingencies fell 62.2 per cent to ₹ 2,711 crore, gross NPA eased to 5.26 per cent at quarter-end versus 5.75 per cent in the previous quarter.
Also read:Axis Bank: Asset quality pressure eases, core performance improves
Morgan Stanley has raised the target price to ₹ 975 from ₹ 875, with 'overweight' rating as the asset quality worries are likely to be over.
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