By Malvika Gurung
Investing.com -- Indian private lender Axis Bank (NS: AXBK ) has reported a stellar jump of 86% in its net profit for the September ending quarter YoY at Rs 3,133 crore.
This has marked the highest quarterly profit secured by the private lender so far and has far outpaced the Street estimates of a predicted net profit of Rs 2,912.1 crore for the September quarter.
Backed by an increase in traction in the retail segment, the bank’s net interest income rose by 8% YoY to Rs 7,900 crore, while its retail fees rose by 19% YoY and 23% compared to the same quarter last year.
As predicted by the analysts, the lender’s retail fee, driven by home loans showed the most increase, as it made up 63% of the bank’s total fee.
The operating profit for the quarter in focus came out to be Rs 5,928 crore, while the core figure was Rs 5,456 crore.
In terms of core operating profit, the bank reported a growth of 2% for the first half of the financial year 2022 to Rs 11,064 crore, as a result of lower treasury income and normalisation of operating expenses.
The stock of Axis Bank has moved up by over 20% in the ongoing financial year and by 13% in three months.
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But why its down 5% today. What went wrong?Like 1