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Shares of Axis Bank on Thursday declined over 2 per cent in early trade after the company reported a 29 per cent decline in December quarter consolidated net.
The stock opened on a weak note and further dipped 2.35 per cent to ₹617 on the BSE. But it soon bounced back wiping out the early losses and was trading in the green at ₹643.05, registering a gain of 1.76 per cent.
At the NSE also, it opened lower and declined 2.54 per cent to ₹616. In a similar trend, it bounced back as the trade progressed to quote at ₹641.20, up 1.44 per cent.
The country’s third largest private sector lender Axis Bank on Wednesday reported a 29 per cent decline in December quarter consolidated net at ₹1,334 crore, and reported a spike in non-performing assets from the retail assets side. In the 2019 December quarter, consolidated net profit was at ₹1,884 crore.
On a standalone basis, the city-based bank’s net profit for the October-December period declined 36 per cent to ₹1,116 crore from ₹1,757 crore in the same period a year ago. It reported fresh slippages of ₹6,736 crore under the IRAC norms, as against ₹6,214 crore in the year-ago period.
The same had come down to ₹1,572 crore in the preceding September quarter.
A bulk 83 per cent of the fresh slippages came from retail assets, which had become a focus area for lenders across the system in the last few years because of its perceived resilience in face of stress being reported by the corporate segment.
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