Axis Bank share price: Axis Bank shares surged to a new all-time high of ₹879.85 apiece on the NSE today, easily surpassing its previous high of ₹866.90 per share from October 25th, 2022. In early morning trading, Axis Bank’s share price opened with a strong upside gap and kept climbing to reach its new high, rising around 6% from its previous close of ₹825.85 apiece.
Axis Bank shares are currently in an uptrend and are expected to stay that way after the announcement of strong Q2FY23 results yesterday. Experts say that most banks have overcome the challenges posed by Covid-19 and, thanks to lower provisioning and rising interest rates, have managed to report improvements in Net Interest Income (NII) and Net Interest Margins (NIM). They believe that Axis Bank shares will continue to rise and could reach ₹1170 by next year’s Diwali festival.
Provisions for the quarter fell to Rs 550 crore from Rs 1,735 crore a year ago. The asset quality improved further during the quarter, with the gross non-performing asset ratio falling to 2.5% as of September 30 from 2.76% a quarter ago and 3.53% a year ago.
Axis Bank’s strong performance in the September quarter was driven by significant margin expansion and a significant drop in provisions, as well as improving trends in cost metrics. Business growth improved in the quarter under review after falling in the previous quarter. Asset quality continues to improve, “We have made significant strides across every identified priority area over the past 12 months,” Amitabh Chaudhry, MD & CEO, was quoted as saying in the release. “The core operating profits and margins have grown on the back of strong performance across business segments.”
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