Axis Bank saw a notable surge in its shares, gaining 1.50 percent to reach Rs 968 per share on October 26. The steady margin performance in the July-September quarter (Q2FY24) proved to be a pleasant surprise for investors and garnered positive feedback from the financial community. Analysts also lauded the lower slippages and robust net interest income (NII) as key highlights of the private sector lender’s performance.
In a promising development, Axis Bank’s Net Interest Margin (NIM) saw a 15 basis points (bps) expansion on a year-on-year basis, reaching 4.1 percent in Q2FY24, largely attributed to a decrease in the cost of funds. On a sequential basis, it remained stable.
As of 10:38 AM, the shares were trading at a 1.25% higher value, standing at ₹967.40, indicating continued positive sentiment in response to the bank’s impressive performance.
