Axis Bank shares strengthened by more than 2 per cent on the BSE ahead of the June quarter results to be announced later in the day. The shares of Axis Bank touched an intra-day high of Rs 444.40, up 2.4 per cent, in early trading before coming off marginally. At 10:00 am, the shares were trading at Rs 441.20, up 1.7 per cent, on the BSE.
Axis Bank had reported a net loss of Rs 1,387.78 crore for quarter ended March 31, on the back of higher provisioning amid the coronavirus pandemic. The private sector lender had posted a net profit of Rs 1,505.06 crore for the corresponding period last year.
Axis Bank had then said that provisions and contingencies rose sharply in the final quarter of financial year 2019-20 as it provided a higher allocation considering the potential impact of COVID-19.
Axis Bank's asset quality, however, remained stable during the quarter ended March 31, 2020. Its gross non-performing assets (NPAs) as a percentage of total advances came in at 4.86 per cent in the three-month period ended March 31, as against 5.00 per cent in the previous quarter.
The BSE Sensex was trading at 37,867, higher by 440 points or 1.1 per cent and NSE Nifty was at 11,150, up 128 points or 1.1 per cent at the time.
