Axis Bank Shares Shed 6% After Posting 23% YoY Surge In Q1 Profit

Axis Bank Share Price: The shares of private lender Axis Bank tanked as much as 5.50% in trade on Monday, July 20, after posting a 23% year-on-year (YoY) in Q1FY27 standalone net profit to Rs 7,114 crore as compared to Rs 5,806 crore in the same quarter last year.

Meanwhile, the Mumbai-headquartered bank also informed via a bourse filing of the appointed Rajeev Mantri as its Chief Financial Officer of the bank from September 28.

Axis Bank Q1 Results

Over the weekend, the private bank net interest income, which is the gap between the interest paid an earned, rose 8% year-on-year from Rs 13,650 crore lars year to Rs 14,646 crore.

Net interest margin (NIM) for the quarter stood at 3.46%. Fee income rose 7% to Rs 6,156 crore, while it reported a total non-interest income of  Rs 6,735 crore. Operating profit came in at Rs 11,659 crore, while core operating profit rose 10%  year-on-year to Rs 11,122 crore.

Also Read: Stock Market Opening Bell: Nifty 50 Falls 0.59%, Sensex Tanks 0.60%

On the business front, total deposits rose 18 percent year-on-year to Rs 13.73 lakh crore, while net advances increased 19 percent to Rs 12.62 lakh crore. Corporate loans grew 38%, SME advances surged 25% and retail loans increased 8% from a year earlier. The bank's balance sheet expanded 20% YoY to Rs 19.22 lakh crore.

Notably, the bank is also eyeing the possibility of raising its stake in Axis Max Life Insurance beyond the current 19.99% to as much as 30%, potentially approaching the RBI for approval.

As of 9:58 AM, the shares of Axis Bank were trading 5.46 % lower at Rs 1,255.90 apiece.